The Memorandum of Understanding (MoU) between Kigali International Financial Centre (KIFC) and Abu Dhabi Global Market (ADGM) aims to provide a comprehensive framework for collaboration, foster talent development, and encourage sustainable and Islamic finance in Rwanda and the United Arab Emirates.

As both financial hubs seek future partnerships in ESG, green bonds, corporate social responsibility, sustainable and responsible investments, and green and sustainable finance, sustainability is also expected to become a key focus.


"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 centers worldwide and particularly in the African continent," stated Salem Mohammed Al Darei, CEO of ADGM Authority.

"It is a major step in the direction of our goal to deepen our collaboration in furthering the objectives of both financial centers, enabling joint ventures in other fields and information sharing. This collaboration not only reaffirms our dedication to diversity and innovation but also opens up previously unheard-of chances for significant economic growth, prosperity, and new company development channels inside each of our separate financial ecosystems in both regions.
 

fostering "new business growth opportunities in both markets"

In order to create opportunities in both markets, the regulatory bodies of the financial centers will also look into mutual recognition agreements for regulated firms based in each nation.

These agreements will also cover the sharing of best practices and lessons learned in the establishment of financial hubs, as well as the promotion of a continuous improvement culture in the financial sector through knowledge sharing and specially designed training initiatives.
 

"Today's signing represents a significant milestone in KIFC's journey toward forging strategic partnerships with globally renowned international financial centers such as ADGM," said Nick Barigye, CEO of Rwanda Finance Limited, the organization tasked with developing the Kigali International Financial Centre.

"This Memorandum of Understanding represents a significant advancement in our efforts to strengthen our partnership in supporting KIFC and ADGM. It will encourage cooperative efforts to develop capacity and the sharing of knowledge among important areas, such as sustainable finance.

"We expect significant economic benefits from this partnership within our respective financial ecosystems, including the creation of jobs and increased investments, to foster new business growth opportunities in both markets."