The Abu Dhabi Global Market (ADGM) and Luxembourg for Finance (LFF) have signed a deal on bilateral co-operation, on the sidelines of the second meeting of the recently concluded UAE-Luxembourg Council for Islamic Cooperation.

 

The memorandum of understanding (MoU) aims to strengthen bilateral dialogue between the two organisations and establish a partnership framework for the exchange of views and expertise in the fields of banking, financial services and securities regulation of each jurisdiction, said a statement.

 

ADGM and LFF will also explore joint activities and training initiatives to develop their human capital capabilities and foster greater growth in both financial markets, it said.

 

Younis Haji Al Khoori, undersecretary of the Ministry of Finance (MoF), said: “The Ministry of Finance is committed to creating all the necessary administrative and organisational conditions to promote a network of cooperative financial relations that link the various government and private institutions in the UAE, with its partners abroad. 

 

"The signing of a MoU on Bilateral Cooperation reflects the magnitude of efforts undertaken by the Ministry, as well as the absolute importance of the UAE-Luxembourg Council for Islamic Finance Cooperation.”

 

Philippe Richard, International Affairs director of the Financial Services Regulatory Authority, ADGM: “Since its establishment, ADGM has developed a good standing relationship with the Luxembourg financial centre, its industry and its regulators.  

 

"The MoU signed today with Luxembourg for Finance, the agency for the development of the financial centre, strengthens the cooperation between the two international financial centres, and will facilitate mutually beneficial developments of the financial services industry in both countries.  We look forward to working with LFF and their team to advance the financial developments of our markets through joint initiatives.”

 

Nicolas Mackel, chief executive officer of Luxembourg for Finance, said: “This MoU marks an important step forward in our on-going collaboration with Abu Dhabi Global Market. We look forward to working more closely with them to share expertise in international financial services activities and products, and facilitate contacts for market operators, university institutions, and financial delegations.” - TradeArabia News Service