Luxembourg signs MoU on Bilateral Cooperation with Abu Dhabi Global Market

On 10 March 2016, Abu Dhabi Global Market (ADGM) and Luxembourg for Finance (LFF) signed a Memorandum of Understanding (MoU) on bilateral cooperation. The MOU was signed by Mr. Philippe Richard, International Affairs Director of the Financial Services Regulatory Authority, ADGM and Mr. Nicolas Mackel, Chief Executive Officer of LFF.

The MoU aims to strengthen bilateral dialogue between the two organisations and establish a partnership framework for the exchange of views and expertise in the fields of banking, financial services and securities regulation of each jurisdiction. ADGM and LFF will also explore joint activities and training initiatives to develop their human capital capabilities and foster greater growth in both financial markets.

Philippe Richard commented: “Since its establishment, ADGM has developed a good standing relationship with the Luxembourg financial centre, its industry and its regulators. The MoU signed today with Luxembourg for Finance, the agency for the development of the financial centre, strengthens the cooperation between the two international financial centres, and will facilitate mutually beneficial developments of the financial services industry in both countries. We look forward to working with LFF and their team to advance the financial developments of our markets through joint initiatives.”

Nicolas Mackel said: “This MoU marks an important step forward in our on-going collaboration with Abu Dhabi Global Market. We look forward to working more closely with them to share expertise in international financial services activities and products, and facilitate contacts for market operators, university institutions, and financial delegations.”

The signing ceremony took place in Luxembourg during on the sidelines of the second meeting of the UAE-Luxembourg Council for Cooperation on Islamic Finance and Banking, and was held in the presence of HE Younis Haji Al Khoori, Undersecretary of the UAE Ministry of Finance, and Ms Isabelle Goubin, Director of the Treasury, Luxembourg Ministry of Finance.

The second meeting of the UAE-Luxembourg Council of Cooperation was an opportunity to discuss areas of shared interest such as global trends in Islamic Finance, Islamic Finance and FinTech as well as Islamic Finance and Responsible Finance. Both parties also discussed potential collaborations in the fields of research and training between council members.