The Registration Authority of Abu Dhabi Global Market, ADGM, has signed a Memorandum of Understanding, MoU, with the Industrial Development Bureau, IDB, of the Abu Dhabi Department of Economic Development, DED, to support strategic industrial projects, expands the region’s industrial sector, and promote economic diversification.
The agreement was signed by Khalifa bin Salem Al Mansouri, Under-Secretary of the Department Of Economic Development; and Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM.
The increase in innovation-led advancements has resulted in the growth of the UAE’s industrial sector and it is becoming a key driver of the nation’s economic expansion. In support of greater development, the MoU will enable consultation, cooperation and the exchange of information in order to establish a platform for strategic industrial projects.
Commenting on the signing of the MoU, Al Mansouri has affirmed the commitment of the Industrial Development Bureau to developing the industrial sector in Abu Dhabi through reinforcing strategic partnerships with government entities.
He added that the MoU establishes channels of strategic cooperation between the Registration Authority at ADGM and the Industrial Development Bureau, all part of an effort to achieve full organisational integration between government entities and position Abu Dhabi as a modern industrial and business centre.
Al Mheiri, in turn, said, “Technology and innovation are redefining the nation’s industrial landscape and the UAE is becoming more competitive on a global scale by optimising its resources and implementing a knowledge-based approach. Through this initiative, ADGM and IDB will mutually strive to accelerate knowledge sharing to bolster the region’s industrial development, promote its products and attract greater investment to the sector.”
The agreement aims to enhance cooperation in the interest of fulfilling each party’s respective regulatory mandates as well as assisting the exchange of information relating to industrial companies standards, criteria and categories.
The parties have also agreed to coordinate the transfer of knowledge concerning technical, organisational and institutional experiences to advance strategic projects in the sector.
A joint committee will be established to ensure the performance and enforcement of the memorandum. The committee will be responsible for regularly reviewing and proposing recommendations or suggestions regarding the agreement to ensure successful implementation and ongoing relevance on behalf of both entities.