THE Abu Dhabi Global Market said yesterday that it signed with the Shanghai Free Trade Zone Authority a memorandum of understanding 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 bodies. It also aims to reinforce ADGM's commitment to building stronger ties with global financial centers, according to WAM.

Last week, the ADGM signed an MOU with Paris Europlace, which promotes the French capital as a financial center, for closer cooperation.