Abu Dhabi Global Market (ADGM), the global financial centre in Abu Dhabi, has joined hands with Georgia's Anaklia Special Economic Zone/City to facilitate closer collaboration on initiatives that will bolster the growth of the financial markets in Abu Dhabi and Georgia.

The MoU comes following the visit of Dimitri Kumsishvili, First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia to ADGM on Al Maryah Island, which was hosted by Ahmed Al Sayegh, the chairman of ADGM.

Since the establishment of diplomatic relations between the UAE and Georgia in 1992, bilateral relations between the two countries continue to deepen in the economic, administrative, and social fields.

This agreement formalises a framework for both the entities to share expertise and information on banking, financial services and securities legislation and regulations in both jurisdictions, said Keti Bochorishvili, the chief executive of Anaklia City and Special Economic Zone, after signing the deal with Philippe Richard, the international affairs director at the Financial Services Regulatory Authority (FSRA) of ADGM in the presence of Kumsishvili and Al Sayegh

She dubbed ADGM as a global leader and a role model of innovative approach towards business development.

"Anaklia already has special status in the Constitution of Georgia, creating the opportunity to deploy special legal regime. Anaklia SEZ will be a global development on the hinterland of Anaklia Deep Sea port which is set for launch in 2020," noted Bochorishvili.

"Experience of ADGM in many directions is revealing and extensive, thus Anaklia SEZ is pleased to establish regional partnership with ADGM to further foster development between two zones," she added.  

Richard Teng, the chief executive of FSRA, said: "We are ready to support our partner, their financial institutions and companies in expanding their growth and global footprints via ADGM’s innovative and international platform."

"As one of the world’s most innovative and leading IFCs, ADGM understands its responsibility in fostering an open and conducive trading environment, and will continue to form meaningful collaborations with authorities and stakeholders locally and globally," he added.-TradeArabia News Service