Tue 14-11-2017 17:26 PM
Abu Dhabi, 14th November, 2017 (WAM) -- Abu Dhabi Global Market, ADGM, and Abu Dhabi Department of Economic Development, ADDED, today announced an agreement on mutual licence recognition for dual licencing of eligible entities established in ADGM’s jurisdiction.
The agreement was signed by Khalifa bin Salem Al Mansouri, Under-Secretary ADDED and Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority of the ADGM.
The agreement allows entities established on Al Maryah Island to hold both an ADGM commercial and an ADDED trade licence on condition that they satisfy and fulfil the respective requirements of each jurisdiction and operate according to their rules and regulations.
This dual licencing also allows for ADGM registered entities to service their clients in Abu Dhabi without the need of having an office presence in Abu Dhabi mainland. ADGM entities seeking to provide financial services to clients will remain subject to any other relevant regulatory obligations and applicable laws, including any licencing requirements which may be imposed by any Federal regulators of financial services.
Al Mansouri, said that this step will add to the competitiveness of the business environment in the Emirate of Abu Dhabi, providing as one of the most important catalysts to attract more investments to Abu Dhabi and expand the activity of the private sector and activate its role in leading the local economy.
Al Mheiri, CEO of the Registration Authority of ADGM, said, "We would like to thank ADDED for their co-operation and unwavering support throughout our journey. This agreement further strengthens Abu Dhabi’s position as an innovative, efficient and successful business hub for local and global entities who have established Abu Dhabi as their home."