Abu Dhabi Global Market (ADGM has signed an agreement with the Abu Dhabi Monitoring and Control Centre (MCC) to facilitate the exchange of information and co-operation in relation to matters regarding monitoring & control compliance within ADGM's Free Zone.

The memorandum of understanding (MoU) was signed by Dhaher Bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM and Saeed Saif Al Neyadi, director general of MCC.

The agreement will utilize the criteria and standards of MCC for monitoring and control compliance within the jurisdiction of ADGM. It will enable both parties to collectively organize monitoring and controlling procedures to ensure that public and private establishments within the jurisdiction comply with the standards and criteria set by MCC.  

The MoU establishes a strategic platform for the mutual exchange of information in connection with common tasks and duties, compliance reports and confirmation and verification of information in the event of non-compliance.  

The memorandum also seeks to strengthen mutual collaboration and assistance through systematic communication on all information related to each party’s obligations, joint awareness campaigns targeted towards both public and private entities within ADGM and mutually agreed initiatives to improve professional and technical skills of both parties' staff.

Al Mheiri said: “The agreement with MCC provides enhanced co-operation on monitoring and control standards within ADGM’s jurisdiction.  The joint collaboration will pool together expertise in the field to meet mutual goals. The resulting increase in safety and security measures will aim to instil greater business and investor confidence in ADGM and Abu Dhabi as a whole.”

Al-Neyadi added: “The agreement between MCC and ADGM achieves real benefits towards a more secure working environment and provides assurance that guidelines are adhered to.  It also gives rise to an official platform where both parties can have open dialogue on matters relating to control and monitoring while proactively seeking initiatives for greater collaboration and furthering Abu Dhabi as a world-class business hub.”

Compliance measures within ADGM are a fundamental component in safeguarding the integrity and transparency of the international financial centre.  The establishment of the MoU will foster an official cooperative relationship to ensure all relevant establishments in ADGM are compliant with MCC’s standards and to strengthen ADGM’s position as a secure financial environment. - TradeArabia News Service