ADGM and Anaklia Special Economic Zone/City form new cooperation

ABU DHABI, 11th April, 2018 (WAM) -- Abu Dhabi Global Market, ADGM, the International Financial Centre in Abu Dhabi, and Anaklia Special Economic Zone/City have signed a Memorandum of Understanding, MoU, to facilitate closer collaboration on initiatives that will bolster the growth of the financial markets in Abu Dhabi and Georgia. This followed the visit of Dimitri Kumsishvili, First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia to ADGM, on Al Maryah Island, hosted by Ahmed Al Sayegh, Chairman of ADGM. The agreement was signed by Keti Bochorishvili, Chief Executive Officer, CEO, of Anaklia City and the Special Economic Zone, and Philippe Richard, International Affairs Director at the Financial Services Regulatory Authority, FSRA, of ADGM on 10th April, 2018. Since the establishment of diplomatic relations between the UAE and Georgia in 1992, bilateral relations between the two countries continue to deepen in the economic, administrative, and social fields. This agreement formalises a framework for ADGM and Anaklia City and Special Economic Zone to share expertise and information on banking, financial services and securities legislation and regulations in both jurisdictions. Bochorishvili said, "The Abu Dhabi Global Market is a global leader and a role model of innovative approach towards business development. Anaklia already has a special status in the Constitution of Georgia, creating the opportunity to deploy a special legal regime. Anaklia SEZ will be a global development on the hinterland of Anaklia Deep Sea port, which is planned to be launched in 2020. Experience of ADGM in many directions is revealing and extensive, thus Anaklia SEZ is pleased to establish a regional partnership with ADGM to further foster development between two zones." Richard Teng, CEO of FSRA of ADGM, said, "We are pleased to deepen our partnership with Anaklia Special Economic Zone/City. We are ready to support our partner, their financial institutions and companies in expanding their growth and global footprints via ADGM’s innovative and international platform. I look forward to the teams sharing market insights and regulatory expertise that will further strengthen the financial services sectors in both jurisdictions and support the growing needs of our companies and investors."