Abu Dhabi Airports Free Zone (ADAFZ), a wholly owned subsidiary of Abu Dhabi Airports, has signed a memorandum of understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM Registration Authority) to promote the position of Abu Dhabi as a financial centre.
The MoU was signed by Rowan Michael Kelly, senior vice president of ADAFZ and Dhaher bin Dhaher Al Mheiri, chief executive officer of ADGM Registration Authority, said a statement from the organisation.
The MoU seeks to establish joint initiatives in regards to providing warehouse commercial licensing, incentives and knowledge sharing, it said.
The agreement addresses several important areas of cooperation aimed at increasing benefits for customers where ADAFZ will be facilitating the provision of warehouse facilities for ADGM entities and both parties will promote legal structures available at each of their respective free zones to investors.
The MoU also calls for the creation of a joint committee to oversee the collaboration between ADAFZ and the ADGM Registration Authority, it added.
Bryan Thompson, chief executive officer, Abu Dhabi Airports, said: “The signing of this MoU is a milestone in the ongoing development of Abu Dhabi’s economic landscape, recognising the shared objectives and mutual interests between both entities.”
“By working together, we will focus on meeting our customers’ needs through an expanded product offering and simplified commercial processes including company licensing, registration and employee visa processing,” he added.
Kelly added: “Customers will be offered a variety of facility leasing options such as warehousing units, commercial offices and land plots, where facility management services are offered. Through this joint effort, we will support the growth of Abu Dhabi as a key economic hub and enhance the position of the UAE on a global scale.”
Al Mheiri said: “The MoU is a strategic collaboration between ADGM and ADAFZ that complements Abu Dhabi’s extensive and growing commercial facilities and services portfolio.”
“It will offer seamless and integrated solutions for investors with a focus on streamlining business setup. The agreement intends to boost the UAE's vision to transform the country's economy, by diversifying the range and depth of economic activity, and driving in more growth from emerging sectors,” he added.
The MoU’s framework for strategic cooperation aims to enhance tactics to support the growth and development of the economy of Abu Dhabi, promoting it as a business-friendly environment that prioritises the ease of doing business for stakeholders, it stated. – TradeArabia News Service
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