DUBAI — The UAE's second biggest financial free zone has agreed to work with a Chinese cooperation zone to promote investment and fintech in both countries, Abu Dhabi's financial free zone said on its website on Monday.

Abu Dhabi Global Market (ADGM), the financial free zone in the capital of the UAE, announced in a statement that its regulatory body has signed an agreement with the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority).

"The agreement aims to facilitate greater investment cooperation and opportunities, as well as to strengthen the financial and fintech ecosystems in both markets," added the statement.

The move, according to ADGM, was to support China's Belt and Road Initiative, a grand project with the goals of building trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road routes.

Richard Teng, CEO of the regulatory body of ADGM, said the agreement provides a strategic link that connects businesses, investors and stakeholders to investment and growth opportunities in the Middle East and North African markets.