The two organisations are looking to bolster their respective financial markets by sharing expertise and information on banking, financial services and regulatory practice.

Abu Dhabi Global Market has signed a Memorandum of Understanding with FinanceMalta, an organisation responsible for the development of Malta's financial centre, to facilitate collaboration between the two parties while bolstering the financial markets in both nations.

The agreement establishes a platform for Abu Dhabi's international finance centre and FinanceMalta to share expertise and “pertinent” information on banking, financial services and products, securities legislation and regulatory practice in each market, ADGM said in a statement.

Under the arrangement, both groups will explore mutually beneficial projects that seek to develop human capital capabilities and foster financial market growth, ADGM added. The MoU was signed in Abu Dhabi by Kenneth Farrugia, chairman of FinanceMalta, and Richard Teng, chief executive of the financial services regulatory authority of ADGM.

“By harnessing our expertise and experience, financial institutions and companies can further expand their global footprints through ADGM’s internationally recognised platform,” said Teng.

Commenting on the agreement, Farrugia said: “This MoU will be an important catalyst in our thrust to strengthen the visibility and relevance of Malta as an EU-based financial services domicile in the Gulf, and we are extremely delighted with this development.”