Abu Dhabi: The Abu Dhabi Department of Economic Development (DED) and the Emirates Securities and Commodities Authority (SCA) have signed a joint cooperation agreement to boost the business environment by simplifying the procedures for acquiring a licence for securities companies.
Mohammad Omar Abdullah, DED undersecretary, signed the agreement for his side, while Abdullah Salim Al Turifi, chief executive of the SCA, signed for his outfit during a short ceremony at the DED premises.
Hamad Salim Lakhrabani Al Nuaimi, DED chief executive for Commercial Affairs, and Maryam Al Suwaidi, SCA deputy chief executive for Legal Affairs, Issuance and Research, and a number of officials from both sides were present at the ceremony.
After the ceremony Abdullah said the signing of the agreement by the DED with a number of federal and local bodies was based on his outfit's responsibility of pushing for a vibrant and successful economy by providing an exemplary environment for local and foreign investment, which would make the private sector the main engine of Abu Dhabi's economic growth.
He pointed out that the modernisation and development strategy being implemented by Abu Dhabi to boost government performance efficiency and improve its services to the business sector, demands close cooperation with all related local and federal institutions.
Comprehensive centre
He said the DED was working closely with the Abu Dhabi Systems and Information Committee to implement a comprehensive business centre project to serve local and foreign investors.
This, he added, is to be done through a window of investment that will provide investors with all required services without the need for them to move from one place to another.
Al Turifi said his outfit was committed to signing the agreement based on the monitoring and executive responsibilities entrusted to it, including regulation and licensing of companies operating in the areas of securities and commodities in the country, as well as the monitoring of the activities of those companies to boost sound practices among all parties involved.
Al Turifi said the agreement was a leading example, as it would significantly improve the services offered in the emirate, match the latest developments in advanced countries and contribute to achieving better cooperation and coordination between the two signatories.
Based on the agreement, the two sides will work to build a solid partnership with the aim of issuing commercial trade licences by electronically linking their two systems.
