Abu Dhabi Global Market (ADGM) and Paris Europlace, the organisation in charge of developing and promoting the French capital as an attractive financial market, have signed an initial agreement to enable closer collaboration.
“We are pleased to establish a new partnership with Paris Europlace and look forward to working closely with the team to enhance the fintech development, innovation and explore possible cross-border investment activities in both financial centres,” said Philippe Richard, the director of international affairs at the Financial Services Regulatory Authority of ADGM.
“Together, we can play our part in advocating a well-regulated environment and promoting high regulatory standards and practice among our business communities in the UAE and Europe.”
Abu Dhabi’s free zone on Al Maryah Island is a full-service financial centre that includes offices, shops, residences, hotels and leisure facilities.
ADGM was established by a federal decree in 2013 and opened for business in October.
The financial centre is focusing on private banking, wealth management and asset management.
Among the first movers to ADGM has been the Australian financial services company Macquarie Capital.
ADGM and Europlace did not spell out precisely the areas they would be focusing on, though it is expected that the Paris-based organisation will share tips gleaned from their experience.
“We are honoured to reinforce the cooperation and business opportunities between Abu Dhabi and Paris financial marketplaces through this joint agreement,” said Arnaud de Bresson, the chief executive of Paris Europlace.
“As the first financial marketplace of the Eurozone, Paris has strong strengths to share with Abu Dhabi. This agreement paves the way for concrete joint initiatives in the respective fields of expertise of each country.”