First Abu Dhabi Bank offers ADGM entities preferential banking service
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First Abu Dhabi Bank offers ADGM entities preferential banking service

First Abu Dhabi Bank offers ADGM entities preferential banking service

First Abu Dhabi Bank and ADGM will support each other’s key initiatives and jointly organise industry workshops and innovation programmes

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First Abu Dhabi Bank ADGM MoU

Abu Dhabi Global Market (ADGM) and First Abu Dhabi Bank (FAB), have signed a memorandum of understanding (MoU) to increase collaboration between the two entities and initiate preferential banking services, such as fast and efficient bank account opening, for ADGM registered and licensed entities and dedicated client managers, among others.

This collaboration between ADGM and FAB enables both parties to jointly facilitate knowledge exchange, strengthen association in various fintech initiatives, drive awareness, support in business development, education and engagement.  Additionally, the two parties will support each other’s key initiatives such as the ADGM Digital Lab and co-organise appropriate industry workshops and corporate innovation programmes.

Juma Al Hameli, chief of staff at ADGM said: “ADGM is pleased to further our partnership with FAB in better serving the fast-growing and thriving business ecosystem in ADGM.  This MoU is an extension of the ongoing cooperation between the two organisations that are committed to the long-term development of the banking and financial industry in Abu Dhabi and wider UAE.  We look forward to working closely with the FAB team to contribute towards the sustainable growth of the Abu Dhabi economy.”

Mustafa Al Khalfawi, head of Global Banking UAE and global head of Government, Sovereigns and Public Sector at FAB said, “We are committed to working alongside ADGM to advance the UAE’s dynamic business environment and to support thriving companies.  FAB will provide ADGM registered entities an exceptional banking experience with tailor-made financial solutions and expertise that will take these businesses to new heights in the UAE and beyond.”

In other news, ADGM has issued new off-plan sales register regulations covering off-plan sales of real estate development projects. These new regulations aim to enhance the confidence of investors and ADGM customers in real estate development projects on Al Maryah Island by creating a register for reservation agreements between the master developer of Al Maryah Island with any sub-developers or purchasers.

Read: ADGM issues new rules for off-plan property sales on Al Maryah Island

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