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Morocco and UAE to promote development of financial services sector

The Registration Authority of Abu Dhabi Global Market, ADGM, and the Casablanca Finance City Authority, CFCA, have signed a Memorandum of Understanding, MoU, to foster closer collaboration among the UAE, Morocco and Africa and jointly promote the development of financial services in the respective markets.

The MoU was signed by Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority, and Said Ibrahimi, CEO of the Casablanca Finance City Authority.

The agreement focuses on strengthening partnership between the authorities to explore possible cross-border initiatives, facilitate knowledge sharing and accelerate the development of the financial services sector to support the growth of the MENA region. The MoU provides a platform for the authorities to foster best practice and knowledge in the fields of green finance; Islamic finance and financial technologies (Fintech) to advance the growth of financial services.

Commenting on the collaboration, Al Mheiri said, “As the International Financial Centre in Abu Dhabi, ADGM plays an integral role in supporting the UAE’s initiatives to bolster the growth and diversification of the economy. We look forward to working closely with Casablanca Finance City to bolster knowledge sharing initiatives and achieve sustainable development in all respective markets, in addition to supporting international relations. We will work closely to develop a robust financial services sector that is supported by green finance and innovative financial technologies.”

In turn, Ibrahimi commented, “We are pleased to sign today this MoU with Abu Dhabi Global Market. This partnership is the first of its kind established by CFC with a GCC financial centre. We have the strong conviction that such fruitful cooperation will play an instrumental role in fostering business ties between the UAE, Morocco and Africa.”

This is the first of such collaborative partnership between ADGM and CFC. The UAE and Morocco have strongly-rooted bilateral relations with mutual desires to preserve unity and dialogue in the GCC, Maghreb regions, and Africa while strengthening the Arab nations.

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