Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, First Abu Dhabi Bank (FAB), have signed a Memorandum of Understanding (MoU) to further support the growth needs of the commercial and financial community in Abu Dhabi. The MoU aims to increase collaboration between ADGM and FAB and initiate preferential banking services, such as fast and efficient bank account opening, for ADGM registered and licensed entities and dedicated client managers, among others.
This partnership between ADGM and FAB outlines a framework of collaboration that enables both parties to jointly facilitate knowledge exchange, strengthen association in various FinTech initiatives, drive awareness, support in business development, education, and engagement. In addition, the two parties seek to support each other’s key initiatives like the ADGM Digital Lab and co-organise appropriate industry workshops and corporate innovation programmes.
Commenting on this partnership, Juma Al Hameli, Chief of Staff at ADGM said “ADGM is pleased to further our partnership with First Abu Dhabi Bank in better serving the fast-growing and thriving business ecosystem in ADGM. This MoU is an extension of the ongoing cooperation between the two organisations that are committed to the long-term development of the banking and financial industry in Abu Dhabi and wider UAE. We look forward to working closely with the FAB team to contribute towards the sustainable growth of the Abu Dhabi economy.”
Mustafa Al Khalfawi, Head of Global Banking UAE & Global Head of Government, Sovereigns and Public Sector at FAB said, “We are committed to working alongside ADGM to advance the UAE’s dynamic business environment and to support thriving companies. FAB will provide ADGM registered entities an exceptional banking experience with tailor-made financial solutions and expertise that will take these businesses to new heights in the UAE and beyond.”