The Abu Dhabi Global Market (ADGM), a financial free zone in the UAE, has signed a deal to collaborate with the authority that oversees enterprise in Shenzhen and Hong Kong.
The Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone signed the deal with ADGM’s regulator, the Financial Services Regulatory Authority.
“ADGM is pleased to enter into this partnership with Qianhai Authority that supports the One Belt One Road Initiative,” said Richard Teng, chief executive of the regulator, referring to China’s policy to spread its economic influence abroad.
The Qianhai zone was established to promote innovation in sectors such as finance, logistics and technology. According to a statement from ADGM, the new deal will give companies in Abu Dhabi the opportunity to collaborate with their peers in the Qianhai zone.
The memorandum of understanding was signed at a ceremony in Hong Kong.
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