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Special Economic Zone for Finance take Bilateral Cooperation to next level
Abu Dhabi, UAE/Gujarat, India : Abu Dhabi Global Market (ADGM) and Gujarat International Financial Tec-City Special Economic Zone (GIFT SEZ IFSC) are pleased to further their partnership through closer collaboration on efforts and initiatives that foster the developments of each respective financial markets. This new partnership was established in the signing of Memorandum of Understanding (MoU) by Mr. Ajay Pandey, Director and Group Chief Executive Officer of GIFT SEZ and Mr. Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM.
The United Arab Emirates and India have established decades of mutually beneficial cultural and economic bonds and continue to welcome developments in all aspects of this bilateral relationship. This partnership reinforces Abu Dhabi’s long-term positive relationship with India; it also underscores ADGM’s commitment as an international financial centre to enhance and build stronger collaborations with global financial authorities and agencies. The MoU between ADGM and GIFT SEZ provides a framework for the exchange of views and expertise in the fields of banking, financial services and securities regulation of each jurisdiction. It also enables both organisations to explore joint activities and training initiatives that will develop human capital capabilities and foster greater growth in both financial markets.
Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority, ADGM: “The growing economies of India and UAE continue to offer exciting business and growth opportunities for companies, corporates and investors worldwide. With markets getting more inter-connected and entities operating globally, ADGM is pleased to partner the Gujarat International Financial Tec-City Special Economic Zone and work with its industry and regulators to increase cross-border opportunities for corporates and investors in Gujarat and Abu Dhabi. We look forward to working closely with our partner to advance the financial development of our markets.”
Ajay Pandey, Director and Group Chief Executive Officer of GIFT SEZ, said, “The collaboration between GIFT IFSC & ADGM provides a great opportunity for both the centres to work on mutually beneficial areas and synergize the efforts made for progressing the International Financial Centres. This collaboration would go long way in providing institutions located at both the centres to expand in different regions.
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About Gujarat International Financial Tec-City Special Economic Zone (GIFT SEZ)
Gujarat International Financial Tec-City Special Economic Zone (GIFT SEZ) is a wholly owned subsidiary of Gujarat International Financial Tec City Company Limited (GIFTCL) and is responsible for the development of the Special Economic Zone with regards to International Financial Services Centre. It is India’s first
International Financial Services Centre (IFSC) established under the Special Economic Zone Act, 2005 (“SEZ Act 2005”). Following the SEZ Act 2005 and the Special Economic Zone Rules of 2006, Multi Services business oriented entities including Banking, Insurance & Capital markets institutions are allowed to set up operations in the GIFT SEZ.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.
In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, the home of one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to worldclass business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, grade-A offices spaces, to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com
For further enquiries, please contact:
› Joan Lew, Senior Manager, Communications
Email: joan.lew@adgm.com Telephone: +971 2 333 8858
› Online: www.adgm.com
© Press Release 2017
