Abu Dhabi’s new financial free zone has signed a memorandum of understading with Paris Europlace, the organisation in charge of developing the Paris financial marketplace, to enable closer collaboration.

Abu Dhabi Global Market (ADGM) said in a statement that it will work with Paris Europlace on possible joint financial activities and common interests that support growth and development in both financial ecosystems in France and Abu Dhabi.

The agreement was signed in Paris by Arnaud de Bresson, CEO of Paris Europlace, and Philippe Richard, director, International Affairs, Financial Services Regulatory Authority of ADGM.

As part of the MoU, ADGM and Paris Europlace will explore mutually beneficial projects and discussions to facilitate long term investment opportunities, infrastructure financing, new innovations in areas of Fintech and green finance.

Both authorities are also prepared to develop relevant activities and events that foster financial innovation and closer regulatory cooperation in both jurisdictions, the statement added.

Bresson said: “We are honoured to reinforce the cooperation and business opportunities between Abu Dhabi and Paris financial marketplaces through this joint agreement. As the first financial marketplace of the Eurozone, Paris has strong strengths to share with Abu Dhabi. This agreement paves the way for concrete joint initiatives in the respective fields of expertise of each country.”

Richard added: “We are pleased to establish a new partnership with Paris Europlace and look forward to working closely with the team to enhance the Fintech development, innovation and explore possible cross-border investment activities in both financial centres.

“Together, we can play our part in advocating a well-regulated environment and promoting high regulatory standards and practice among our business communities in both the UAE and Europe.”