DUBAI - The Abu Dhabi Global Market (ADGM) said Wednesday it signed with the Shanghai Free Trade Zone Authority (SHFTZA) a memorandum of understanding (MoU) to foster cooperation and facilitate business development, UAE state news agency WAM reported.

The MoU establishes "a formal framework for further collaboration between the two organisations. It also aims to reinforce ADGM's commitment to building stronger ties with global financial centres, according to the report.

Last week, the ADGM signed an MoU with Paris Europlace, the promotion arm of the French capital as a financial center, for closer cooperation.

Apart from sharing of information and expertise, SHFTZA and ADGM will also consider joint activities to enhance the development of the financial centers of Abu Dhabi and Shanghai Free Trade Zones.

"We are pleased to enter this MoU with our Shanghai partner. Both SHFTZA and ADGM are established to support stakeholders in global expansion and tap growth opportunities in our respective regions," said Richard Teng, chief executive officer of the Financial Services Regulatory Authority of ADGM.

He added that both free zones would work together in bolstering financial services activities, facilitating investment flows and encouraging business innovation in our respective markets.

"The MoU marks another milestone between China and Abu Dhabi in strengthening economic cooperation", he said.