Abu Dhabi – Mubasher: Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, on Sunday announced signing a memorandum of understanding (MoU) with the Beijing Financial Street Services Bureau.
The MoU was inked by Richard Teng, CEO of the Financial Services Regulatory Authority (FSRA) of ADGM, and Li Yi, deputy district mayor of Xicheng District People’s Government of Beijing Municipality, according to ADGM’s statement.
The new agreement, which was signed on 6 September in Beijing, aims at promoting the development of financial centres in China and the UAE, along with boosting engagements.
This MoU is a continuation of ADGM’s commitment to the Belt and Road initiative, the statement highlighted.
Moreover, it provides a formal platform for greater cooperation between ADGM and the Beijing Financial Street Service Bureau in a slew of realms, including the development of financial centres in China and Abu Dhabi, investment facilitation, joint research on relevant areas and closer exchange of information.
Both parties affirmed that they will collaborate on major Belt-and-Road investment and financing projects in Beijing and Abu Dhabi, the UAE’s capital and biggest sheikhdom.