By Andrei Skvarsky.
The United Arab Emirates’ state-owned Emirates Development Bank (EDB) and the authority of Abu Dhabi Global Market (ADGM), an international financial centre in UAE capital Abu Dhabi, have announced a joint plan to provide better facilities for companies seeking ADGM licensing.
EDB and the ADGM authority would provide services such as the fast-track setting up of banks and simplified rules on opening bank accounts, EDB said in a statement in citing a memorandum of understanding between the bank and international centre authority.
EDB would also look at the “financing requirements” of ADGM-licensed entities, including multinational corporations, the bank said.
Several fintech-focused digital labs would be set up to enable EDB and the ADGM authority to exchange information with companies seeking ADGM registration.
EDB is focused on financing businesses in five UAE non-oil priority sectors – manufacturing, infrastructure, technology, food security and health care.
According to Abu Dhabi-based English-language daily The National, the bank has allocated 30bn dirhams ($8.17bn at the current exchange rate) to be lent by 2025 to more than 13,500 companies active in these sectors.
Sorry, comments are closed for this post.