Abu Dhabi is planning to set up technology clusters focusing on cybersecurity and business intelligence to develop smart systems for its new financial centre.

The project will contribute to the “financial freezone” on the newly developed Al Maryah island, as per a deal inked this week between Abi Dhabi Global Market (ADGM) and Abu Dhabi Smart Solutions and Services Authority (ADSSSA).

Dr Rauda Al-Saadi, director general of ADSSSA, said, “We are proud to announce the signing of a strategic new MoU with Abu Dhabi Global Market, which looks towards jointly working together in the move to develop and implement key projects and initiatives that can bolster the development of Al Maryah Island and contribute to the economic growth of Abu Dhabi. The move demonstrates ADSSSA’s continuing commitment to fully utilize technology and innovation as agents of growth and development–bringing us one step forward in the unified efforts to achieve the set goals and objectives of Abu Dhabi’s vision.”

Dhaher bin Dhaher, chief executive officer, Registration Authority of ADGM, said, “We are pleased to further our collaboration with ADSSSA in accelerating the development and adoption of innovation and smart systems on Al Maryah Island and across Abu Dhabi. As an international financial centre and leading FinTech hub, we are consistently enhancing our infrastructure and platform to support the growth of our business, financial and FinTech communities. I look forward to working closely with ADSSSA team to strengthen the information and communications offerings and services for our dynamic ecosystem and registered entities.”

ADGM commenced business in October 2015. It governs the Al Maryah island which is Abu Dhabi’s designated financial freezone for businesses operating in the area of private banking, wealth management, asset management and financial innovation.

by Parnika Sokhi
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