Minister for Competitiveness and Digital, Maritime and Services Economy Emmanuel Mallia witnessed the signing of a Memorandum of Understanding (MoU) in Abu Dhabi enabling further cooperation between the Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and Finance Malta (FM), the organisation responsible for the development of Malta’s financial centre. The MOU will enable further collaboration between ADGM and FM on joint initiatives and efforts to bolster the growth of financial markets in both Abu Dhabi and Malta.
Minister Mallia stressed the importance of this MOU which ‘establishes a strategic platform to share expertise and pertinent information on banking, financial services and products, securities legislation and regulatory practice in each market’. Minister Mallia emphasised that ‘this is a sterling achievement and my government is looking forward to working with ADGM where we will explore mutually beneficial projects and activities that further develop human capital capabilities and foster greater growth in both financial markets’.
The agreement was signed by Kenneth Farrugia, Chairman of Finance Malta and Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM. H.E. Richard Teng said: “This MoU marks an important development in our ongoing engagement and collaboration with Finance Malta. By harnessing our expertise and experience, financial institutions and companies can further expand their global footprints through ADGM’s internationally recognised platform.
Chairman of Finance Malta Kenneth Farrugia said: “This MoU marks an important milestone in further strengthening our ongoing collaboration with the Abu Dhabi Global Market. This MoU will be an important catalyst in our thrust to strengthen the visibility and relevance of Malta as an EU-based financial services domicile in the Gulf, and we are extremely delighted with this development. The MoU will facilitate contacts for financial market stakeholders and financial delegations interested in the business potential of ADGM.’