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Kigali International Financial Centre Joins Forces With ADGM to Bolster Progress in Rwanda and UAE

Kigali International Financial Centre, a financial centre aiming to transform Rwanda into a leading financial destination for investors seeking opportunities across the African continent, is partnering with Abu Dhabi Global Market, the international financial centre supporting economic diversification in the UAE.

Both Kigali International Financial Centre (KIFC) and Abu Dhabi Global Market (ADGM) have signed a Memorandum of Understanding (MoU) establishing a comprehensive framework for collaboration, aiming to develop skills, as well as support sustainable and Islamic finance in both Rwanda and the UAE.

Sustainability is also set to become a major focus, as both financial centres eye future collaborations in green and sustainable finance, ESG, green bonds, Corporate Social Responsibility, and Sustainable and Responsible Investments.

Salem Mohammed Al Darei, CEO of the ADGM Authority, discusses Rwanda and UAE collaboration
Salem Mohammed Al Darei, CEO of ADGM Authority

Salem Mohammed Al Darei, CEO of ADGM Authority, also said: “ADGM and KIFC coming together through this memorandum of understanding mark a pivotal moment in ADGM’s ongoing efforts to develop robust partnerships with international financial centres worldwide and particularly in the African continent.

“It is a significant step towards our endeavour to strengthen our cooperation in advancing the interests of both financial centres, facilitating collaborative efforts in various areas and knowledge exchange. This partnership not only strengthens our commitment to innovation and inclusivity but also paves the way for unprecedented opportunities for substantial economic advancement, prosperity, and new avenues for business expansion, within our respective financial ecosystems in both markets.”

Cultivating ‘new opportunities for business growth in both markets’

Furthermore, the regulatory authorities of each of the financial centres will explore mutual recognition agreements for regulated entities based in either country with a view to opening opportunities in both markets.

These agreements will also extend to sharing best practices and experiences in the development of financial centres and fostering a culture of continuous improvement within the financial landscape through knowledge exchange and customised training programs.

Nick Barigye, CEO of Rwanda Finance Limited, the agency mandated to develop the Kigali International Financial Centre, commented: “Today’s signing represents a significant milestone in KIFC’s journey toward forging strategic partnerships with globally renowned international financial centres such as ADGM.

“This MoU marks a positive step forward as we strive to deepen our collaboration in promoting both KIFC and ADGM, which will foster joint capacity-building initiatives and the exchange of expertise across key domains, including sustainable finance.

“Through this partnership, we anticipate substantial economic benefits within our respective financial ecosystems through job creation and increased investments, to cultivate new opportunities for business growth in both markets.”

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