The MoU serves to promote the development of financial centres in China and the United Arab Emirates (UAE) and heighten engagements.
Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and the Beijing Financial Street Services Bureau concluded a Memorandum of Understanding (MoU) in Beijing, capital of the People’s Republic of China, on 6 September 2018.
The MoU was signed by Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM, and Li Yi, Deputy District Mayor of Xicheng District People’s Government of Beijing Municipality. The MoU serves to promote the development of financial centres in China and the United Arab Emirates (UAE) and heighten engagements.
This is a continuation of ADGM’s commitment to the Belt and Road initiative, following the recent visit by President Xi Jinping, President of the People’s Republic of China to HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the Crown Prince’s Court during the state visit by the Chinese State Leader and his Ministerial delegation to Abu Dhabi.
The new MoU provides a formal platform for greater cooperation between ADGM and the Beijing Financial Street Service Bureau in areas including the development of financial centres in China and Abu Dhabi, investment facilitation, joint research on relevant areas and closer exchange of information. In particularly, both parties will collaborate on major Belt-and-Road investment and financing projects in Beijing and Abu Dhabi.
Representatives from the People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, National Development and Reform Commission, Beijing Municipal Government, Beijing Xicheng District People's Government, First Abu Dhabi Bank and other institutions were present to witness the milestone event.
By strengthening its collaboration with the Chinese government and relevant enterprises, ADGM can better cater to the investment and financing needs of the China market and serve as the ‘Belt-and-Road’ centre for the Middle East and Africa region.
Following the signing, ADGM and the Beijing Financial Street Service Bureau held its first joint roundtable discussion in Beijing focusing on enhancing China-UAE financial cooperation.