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DED, SCA Sign Joint Cooperation Agreement

Tuesday, January 05, 2010
Abu Dhabi Economic Department (DED) and the Emirates Securities and Commodities Authority (SCA) have signed a joint cooperation agreement to boost business environment through a working system that would simplify, facilitate and develop the necessary procedures for acquiring of license by securities companies that would be established in the Abu Dhabi Emirate. H.E. Mohammed Omar Abdullah, DED Undersecretary signed the agreement for his side, while H.E. Abdullah Salim Al-Turifi, Chief Executive of the SCA also signed for his outfit during a short ceremony held at the DED premises. H.E. Said BEN Hamoudah ALdahiri, DED Chief Executive for policies and ligislation and H.E. 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. Commenting on the agreement after the ceremony, H.E. Mohammed Omar Abdullah, the DED Undersecretary, 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 forward and open, vibrant and successful economy by providing an examplary 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 the modernisation and development strategy being implemented by the Emirate of Abu Dhabi to boost government performance efficiency and improve upon its services to the business sector, demands close cooperation with all related local and federal institutions. 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. For his side, H.E. Abdullah Al-Turifi, CEO of the SCA, 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 securities and commodities markets in the country, as well as the monitoring and supervision of the activities of those companies to boost sound practices among all parties involved. Al-Turifi said the agreement between the two institutions was a leading example, as it would significantly imporve the services being offered in the emirate, match with the latest developments in the advanced countries of the world and contribute in achieving better cooperation and coordination between the two signatories of the agreement. He cited some of the benfits of the agreement as including boosting cooperation to ease and facilitate all the necessary procedures of issuing license to save time and money, improving performance efficiency and maintaining high quality services and all legal, organisational and technical aspects of the issuance of such license. He noted that the agreement will reflect positively on the license issuance process for companies operating in the area of securities and would boost the attraction of UAE's investment environemnt. Based on the agreement, the two sides will work to build solid partnership between them with the aim of issuing commerical trade license by linking electronically their two systems. This is to be done through the use of information technology and the internet, through which the two sides will be cooperating very closely to boost each other's inititiatives and programmes for achieving the objectives of the agreement. It is worth noting here that the SCA issued in 2009, based on request from the DED, approval permits for renewing the licenses of five financial services companies operating in the Emirate of Abu Dhabi.
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