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Masdar City and Abu Dhabi Global Market (ADGM) signed a strategic Memorandum of Understanding (MoU) to strengthen Abu Dhabi’s foreign investment (FI) and support innovations that enhance the UAE’s competitiveness.
The agreement was signed by Ahmed Baghoum, acting CEO of Masdar City, and Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, during Abu Dhabi Sustainability Week 2023.
The two entities will exchange best practices, facilitate institutional integration and explore opportunities to enhance Abu Dhabi’s international status as a destination for foreign direct investment, innovation and entrepreneurship.
attract new investors
Masdar City, Abu Dhabi’s flagship sustainable urban community and innovation hub, and ADGM will work together to attract new investors into their free zone and benefit from each other’s capabilities. They will also explore the possibility of providing office space for the ADGM entity in Masdar City and enable Masdar City companies to operate within ADGM’s legal standards, which would allow them to comply with English common law.
“This partnership demonstrates our shared interest in promoting Abu Dhabi as a destination of choice for foreign investors,” said Baghoum. “As an innovation hub and one of the world’s leading cleantech clusters, Masdar City Advancing solutions in the continuing development area, like ADGM, is committed to attracting innovative businesses to Abu Dhabi that will grow regionally and internationally.”
In order to expand the number of companies under its jurisdiction, ADGM’s registry has been working with established businesses in the UAE capital to support mutual strategic collaborations to help achieve greater goals.
cooperation field
Al Mazrouei said: “We will explore areas of cooperation with a view to developing Abu Dhabi’s overall economy and advancing it as an innovative and progressive economic hub. This partnership will attract foreign direct investment and Improve the performance and competitiveness of the two free zones, thereby further building the backbone of future innovation projects.
“The development of international standards affecting registration and regulation, including anti-money laundering and counter-terrorist financing compliance, is at the top of our agenda to strengthen and accelerate the growth of the business community in the emirate of Abu Dhabi.”
Home to over 1,000 companies, Masdar City offers 100% foreign ownership, zero import duties, cost-effective licensing and a wide range of affordable office space. Incubating and promoting clean technologies and more sustainable processes has been a focus of Masdar City since its inception.
Clean Technology Cluster
The World Class Free Zone in Masdar City, a low-carbon development comprising a fast-growing cleantech cluster, commercial free zone and residential area, provides a strategic base for companies and investors seeking to grow their business in the area, International and experimenting with new technologies.
Today’s MoU marks the latest collaboration between ADGM and Masdar City. In 2019, Masdar City established Masdar Green Real Estate Investment Trust (REIT) in ADGM, the first REIT. — trade arab news agency
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