Abu Dhabi Global Market and Shanghai Free Trade Zone Authority agree on bilateral cooperation

ABU DHABI, 14th July, 2016 (WAM) -- Abu Dhabi Global Market, ADGM, and Shanghai Free Trade Zone Authority, SHFTZA, yesterday signed a Memorandum of Understanding, MoU, in Shanghai to foster collaboration and facilitate business developments in their respective markets. Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM, and Guo Yusong, Department Director, Fiscal and Financial Services of SHFTZA, signed the MoU in the presence of Wang Xinling, Vice Chairman of the China (Shanghai) Pilot Free Trade Zone Administration. The MoU establishes a formal framework for further collaboration between the two organisations and reinforces ADGM’s commitment to building stronger ties with global financial centres. Apart from sharing of information and expertise, SHFTZA and ADGM will also consider joint activities to enhance the development of the financial centres of Abu Dhabi and Shanghai Free Trade Zone. Richard Teng said, "We are pleased to enter this MoU with our Shanghai partner. Both SHFTZA and ADGM are established to support stakeholders in global expansion and tap growth opportunities in our respective regions. We will work together in bolstering financial services activities, facilitating investment flows and encouraging business innovation in our respective markets. The MoU marks another milestone between China and Abu Dhabi in strengthening economic cooperation. We look forward to working with SHFTZA and their team to advance the financial developments of our markets." - Emirates News Agency, WAM – http://www.wam.ae/en/news/economics/1395297719588.html