Abu Dhabi Global Market (ADGM), the international financial centre of Abu Dhabi, and Abu Dhabi Department of Economic Development (ADDED) today announced a significant agreement on mutual licence recognition for dual licensing of eligible entities* established in ADGM’s jurisdiction. The agreement was signed by H.E Khalifa Salem G. Al Mansouri, Undersecretary, ADDED and Mr Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM.
The agreement between ADGM’s Registration Authority and ADDED 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 licencing requirements of each jurisdiction and operate according to their respective rules and regulations. This dual licensing also allows for ADGM registered entities to service their clients in the Capital without the need of having an office presence in Abu Dhabi mainland. ADGM entities seeking to provide financial services to clients in the Emirate of Abu Dhabi will remain subject to any other relevant regulatory obligations and applicable laws, including any licensing requirements which may be imposed by any Federal regulators of financial services.
This agreement is an enhancement of the 2015 MoU between ADDED and ADGM that supported doing business for existing entities with Abu Dhabi DED licences based on Al Maryah Island. The new agreement has expanded the ease of doing business from ADGM to include existing Abu Dhabi entities and new ADGM registered firms to be under the remit and oversight of the Registration Authority of ADGM and ADDED. The MOU will allow an entity to have two licences permitting them to engage in activities within the ADGM and the Emirate of Abu Dhabi, from a single office located on Al Maryah Island.
H.E. Khalifa bin Salem Al Mansouri, Undersecretary, ADDED of Abu Dhabi 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 the Emirate of Abu Dhabi and expand the activity of the private sector and activate its role in leading the local economy.
H.E. Khalifa bin Salim Al Mansouri said that strengthening partnership and cooperation between the DED and the ADGM through the granting of dual commercial licenses to registered companies in the market will positively affect the business environment in the Emirate of Abu Dhabi and contribute to enhancing the competitiveness of the emirate in the business sector.
Mr Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM, said: “We would like to thank Abu Dhabi Department of Economic Development for their cooperation 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. We will continue to work closely with ADDED and all government bodies and stakeholders to meet the evolving needs and requirements of businesses thriving in Abu Dhabi and the UAE.
Mr Dhaher added, “The mutual licence recognition further augments ADGM’s advantage as an IFC that provides strategic access and connection into Abu Dhabi, the region and the growing economies of the India, Asia and Africa.”
This agreement follows the MoU between ADGM and ADDED last year regarding respective policies, company registration, licensing and regulatory matters as well as statistics and information sharing.
