Business Wire IndiaThe Registration Authority of Abu Dhabi Global Market (ADGM) and the Confederation of Indian Industry (CII) entered into a Memorandum of Understanding (MoU) to jointly collaborate on initiatives and efforts that further bolster the business developments and opportunities between India and the UAE.
The MoU was signed on 8 November by Mr. Madhav B Shriram, Chairman (Delhi State), Director General, Confederation of Indian Industry & Deputy Managing Director, DCM Shriram Industries Ltd. and Mr. Martin Tidestrom, Business Development Director of the Registration Authority of ADGM, during the ADGM delegation’s business visit to Indian from 7 to 16 November. The ADGM delegation, led by Mr.Tidestrom, is meeting the key local authorities and business leaders in the cities of Mumbai, New Delhi, Hyderabad, Kochi, and Trivandrum, to create awareness and bolster investment and business between the closely related economies of India and the UAE.
The MoU will enable both ADGM and CII to facilitate greater exchange of information, collaborate on activities and areas that enhance the growth in both markets, share best practices and explore bilateral business opportunities.
This partnership reinforces Abu Dhabi’s long-term positive relationship with India; it also underscores ADGM’s commitment as an IFC to enhance and build stronger collaborations with global financial and commercial markets and with leading business organizations. The agreement provides a framework for Registration Authority and CII to provide mutual assistance, exchange relevant information and co-operate on cross-border initiatives.
Mr. Chandrajit Banerjee, Director General, Confederation of Indian Industry stated, “With the UAE transforming itself into a knowledge based economy and given India’s leadership in key sectors such as ICT, biotechnology, drugs and pharmaceuticals among others, stronger bilateral economic ties can only produce a win-win relationship. CII is committed to facilitating such linkages between Indian and Emirati companies.”
Mr. Dhaher bin Dhaher, Chief Executive Officer, Registration Authority of ADGM added, “The growing economies of India and UAE continue to offer exciting business and growth opportunities for companies, corporates and investors worldwide. With the markets getting inter-connected and more entities operating globally, ADGM is committed to support more corporates and investors in India to take advantage of the opportunities in Abu Dhabi and the region.
Since ADGM went fully operational last year, we have been strengthening our partnerships with key Indian stakeholders and business communities to address their needs and growth ambitions in the UAE. Augmented by mutually-beneficial tax treaties, efficient regulations and access to wide-ranging financial and professional services, ADGM serves to be an attractive base for Indian in- and outbound investments. As an IFC, ADGM is committed, and will continue, to provide a business-friendly, efficient and transparent platform for companies to anchor their presence in Abu Dhabi and fulfill their business growth in the region.”
The ADGM Registration Authority is responsible for the development of non-financial services sector of ADGM, the international financial centre (IFC) of Abu Dhabi. The Authority handles all aspects of incorporation, registration and licensing of legal entities in ADGM. ADGM provides an attractive and pro-business platform that caters to an extensive range of business sectors, along with professional services, family businesses, corporate headquarters and various management functions. The ADGM platform offers a beneficial environment for domicile holding companies, special purpose vehicles and other structures to hold and protect their assets. To-date, ADGM has successfully registered about 170 companies, non-financial and financial, since it began operations a year ago. Recently, ADGM was also voted the “Financial Centre of the Year (MENA)” by the Global Investor/ISF publication. The strong endorsement by the regional business industry bears testament to ADGM’s attractiveness and value proposition as an IFC.
About Confederation of Indian Industry (CII)
The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the development of India, partnering industry, Government, and civil society, through advisory and consultative processes.
CII is a non-government, not-for-profit, industry-led and industry-managed organization, playing a proactive role in India's development process. Founded in 1895, India's premier business association has over 8000 members, from the private as well as public sectors, including SMEs and MNCs, and an indirect membership of over 200,000 enterprises from around 240 national and regional sectoral industry bodies.
CII charts change by working closely with Government on policy issues, interfacing with thought leaders, and enhancing efficiency, competitiveness and business opportunities for industry through a range of specialized services and strategic global linkages. It also provides a platform for consensus-building and networking on key issues.
Extending its agenda beyond business, CII assists industry to identify and execute corporate citizenship programmes. Partnerships with civil society organizations carry forward corporate initiatives for integrated and inclusive development across diverse domains including affirmative action, healthcare, education, livelihood, diversity management, skill development, empowerment of women, and water, to name a few.
The CII theme for 2016-17, Building National Competitiveness, emphasizes Industry's role in partnering Government to accelerate competitiveness across sectors, with sustained global competitiveness as the goal. The focus is on six key enablers: Human Development; Corporate Integrity and Good Citizenship; Ease of Doing Business; Innovation and Technical Capability; Sustainability; and Integration with the World.
With 66 offices, including 9 Centres of Excellence, in India, and 9 overseas offices in Australia, Bahrain, China, Egypt, France, Germany, Singapore, UK, and USA, as well as institutional partnerships with 320 counterpart organizations in 106 countries, CII serves as a reference point for Indian industry and the international business community.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.
In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit ​www.adgm.com
Photo Caption:​ ADGM signs MoU with the CII to bolster the business developments and opportunities between India and the UAE. From the left Mr. Martin Tideström, Business Development Director of the Registration Authority of ADGM and Mr. Madhav B Shriram, Chairman (Delhi State), Director General, Confederation of Indian Industry
