For Press

16/01/2017

“Astana” International Financial Centre signed MoU between financial institutions of United Arab Emirates during the official visit of the President of Kazakhstan Nursultan Nazarbayev to UAE

Today the President of Kazakhstan Nursultan Nazarbayev during his official visit to UAE visited Abu Dhabi’s International Financial Centre.

The official stop at ADGM is part of the high ranking delegation visit from Kazakhstan to Abu Dhabi and also marks the signing of a Memorandum of Understanding between Astana International Financial Centre (AIFC) and ADGM to cooperate and foster the development of their respective financial markets.

The MoU that was signed by AIFC and ADGM’s Financial Services Regulatory Authority, establishes a partnership framework for the exchange of views and expertise in the fields of banking, financial services and securities regulation of each jurisdiction. As part of this agreement, ADGM and AIFC will also explore joint activities and training initiatives to develop their human capital capabilities and foster greater growth in both financial markets.

Ahmed Al Sayegh Chairman of ADGM commented: “We are honoured to welcome President Nazarbayev to ADGM. This visit reflects the mutual interests and spirit of cooperation between our two countries.  As an IFC, and a key driver of the Abu Dhabi diversification plan, we have similar goals with Kazakhstan’s AIFC in promoting and realizing sustainable economic diversification and therefore sharing information is mutually beneficial and vital. He added, “We also invite and welcome businesses and entities from Kazakhstan looking to ADGM as a hub from which to access both the local and GCC market as well as the growing economies East and West.”

Kairat Kelimbetov, Governor of AIFC noted: “We are excited to augment yet another layer to our cooperation with the UAE – the financial services sector. We aim to establish a world-class international financial centre in Astana and the experience of Abu Dhabi Global Market has become one of the benchmarks for us. The signed MoU will enable the two financial centres to benefit from joint initiatives fostering sound and flourishing financial markets that will service our economies and economies of partner countries.”

Furthermore, K. Kelimbetov met and had discussions with the Governor of Dubai International Financial Centre, Issa Kazim, Chief Executive Officer of the Dubai Islamic Economy Development Centre, Abdulla Mohammed Al Awar and Chief Executive Officer of the Calatrava International, Mikael Calatrava. As a result of these meetings the Memorandums of Understanding were signed with these respective organizations.

The implementation of signed Memorandums will strengthen cooperation in the field of Islamic economics and finance.

Reference:

AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in post-Soviet region Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.

 The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, develop local capital markets, ensuring their integration with the international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.

Abu Dhabi Global Markets (ADGM)

ADGM provides the ability to conduct business in a tax-free zone and work in the international regulatory environment with its own independent courts and legal infrastructure for all listed companies. Financial center extends over an area of 114 hectares , where more than 250 companies registered, including local and international companies from both financial and non-financial sectors.

Dubai International Financial Centre (DIFC)

DIFC is a free economic and financial area. A key element of the center is its own Exchange - DIFX, launched in September 2005 and renamed to «NASDAQ Dubai» in 2008.

The autonomy of the center is ensured by the DIFC Court, which exercise independent legal regulation. DIFC judges are represented by highly qualified specialists from the leading common law jurisdictions, including the UK, Singapore and Hong Kong. Control of the DIFC is performed by the Agency for regulation of financial services of Dubai (Dubai Financial Services Authority).

Dubai Islamic Economy Development Centre (DIEDC)

DIEDC established in 2013 to develop and promote Dubai as a world capital of Islamic economics.

Calatrava International is a subsidiary of Calatrava Grace Corporation (CGC). CGC expertise includes all aspects of real estate investments.