(Yicai Global) July 24 -- The Abu Dhabi Global Market, a tax-free international financial center that allows complete foreign capital control, has penned agreements with key Chinese institutions to help strengthen their presence in the UAE, Middle East and North Africa.
The ADGM has entered new partnerships with China's top economic planner the National Development and Reform Commission, state-owned investment conglomerate China Everbright Group, and government-owned China National Nuclear Corporation, China News reported yesterday, citing a statement posted on the ADGM's website. It has also signed a memorandum of understanding with OneConnect Financial Technology, Ping An Insurance Group's cloud banking unit.
The ADGM and the NDRC will work together to encourage Chinese companies with overcapacity to invest in the UAE. The ADGM will provide them with multi-level support in government relations, regulatory facilitation, business resources, investment partners and financial services in the UAE, Middle East and North Africa.
The ADGM will support China Everbright to use the financial center as a strategic fulcrum to develop national and regional tie-ups using the approach of 'finance + industry + overseas markets' in the three regions. It will collaborate with China National Nuclear to establish a global treasury, investment and finance center in Abu Dhabi and carry out global treasury management, investment and financing work.
The financial center will also work with OneConnect to set up a base in the UAE to consolidate and expand its cross-border payment and fintech businesses in the Middle East and North Africa. The two parties will jointly develop innovation projects using artificial intelligence, blockchain and distributed ledgers, application programming interfaces and other new technologies.
Launched in 2015 on a central island in the UAE's capital, the ADGM opened an office in Beijing in May 2018. Since the beginning, its main businesses are private banking, wealth management and asset management.