The Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the registration authority of the Abu Dhabi Global Market (ADGM) have recently inked a collaboration agreement aimed at bolstering the business and investment landscape in the emirate. The agreement aims to promote sectors conducive to growth and innovation while supporting the private sector and financial services ecosystem. This aligns with the directives of the Abu Dhabi Government, which aim to support national economic diversification.
Expanding partnership
Building upon the foundations of a previous partnership agreement signed in 2018, the collaboration agreement between ADGM and ADCCI marks an extension and update to accommodate the latest developments and changing requirements of the dynamic business environment in Abu Dhabi. The renewed collaboration focuses on facilitating registration and licensing procedures for free zone companies, as well as streamlining their membership processes with the Chamber.
Moreover, ADGM and ADCCI’s agreement outlines their collaboration in different areas to support Abu Dhabi’s growth. This includes the exchange of information, statistical data sharing, economic reports, expertise collaboration, marketing initiatives, and media engagement. In addition, both parties commit to organizing conferences and forums to foster dialogue and enhance business opportunities.
Ahmed Khalifa Al Qubaisi, CEO of ADCCI, and Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, signed the agreement at the Chamber’s headquarters, in the presence of a number of officials from both sides.
Supporting private business community
The financial services sector is one of the most vital and leading sectors in Abu Dhabi. For its part, ADGM serves as a crucial financial institution in Abu Dhabi’s business and investment landscape. Therefore, ADCCI’s agreement with ADGM allows it to further support that landscape by providing support, facilitations, and innovative solutions for companies in the emirate. This includes companies specializing in financial services, technology, and asset management operating in the market.
In collaboration with ADGM, the ADCCI aims to bolster its efforts in advancing comprehensive and sustainable development in Abu Dhabi. Commenting on the agreement, Al Qubaisi said: “This strategic collaboration aligns with the emirate’s economic diversification strategies, by supporting the private business community in its various sectors.”
Al Qubaisi also highlighted that the agreement with ADGM contributes to establishing a modern and competitive financial and business environment. This reiterates Abu Dhabi’s position as a global economic and financial hub that attracts private investment companies.
“As the primary supporter of the private sector in the emirate, our efforts contribute to attracting more companies and foreign direct investments to the market,” he added. Hence, ADCCI aims to position Abu Dhabi as the premier choice for doing business in the region by 2025.
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Shared goals and visions
Through the collaboration agreement, ADCCI and ADGM aim to explore opportunities to integrate their registration systems. Moreover, they aim to cooperate in transferring technical, organizational and institutional expertise. These efforts are geared towards achieving their shared goals and visions for the economic prosperity of Abu Dhabi. Thus, ADGM aims to foster an ecosystem that not only enhances the ease of doing business but also cultivates a thriving community in Abu Dhabi, bolstering its growing economy.
For his part, Al Mazrouei said: “Working with well-embedded entities in Abu Dhabi such as the ADCCI opens doors to countless opportunities across diverse business clusters and expands the horizon of ADGM’s value proposition for entities looking to set up here, in a dynamic, progressive, and unparalleled business environment attracting FDI.”
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