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SCA Cooperates with Ajman Chamber to Enhance Joint Regulatory and Supervisory Standards

The agreement was signed at Ajman Chamber by H.E. Dr. Obaid Saif Al Zaabi, CEO of SCA, and H.E. Salem Ahmed Al Suwaidi, Director General of Ajman Chamber. Present at the signing were H.E. Abdullah Al Muwaiji, Chairman of Ajman Chamber, and H.E. Salem bin Ahmed Al Nuaimi, Second Vice Chairman.

The signing of the agreement satisfies the desire of the parties to develop a joint framework aimed at exploring avenues for cooperation and mutual understanding, exchanging information, and providing bilateral technical assistance to support domestic development. In general, the agreement lays the foundation for a strategic partnership that guarantees greater protection for investors, enhances financial market efficiency, and ensures sound transactions. 

Dr. Al Zaabi pointed to the role Ajman Chamber plays in creating and supporting a favorable environment for businesses and enhancing relevant standards. He explained that signing this agreement reflects SCA’s keen interest to explore avenues for cooperation in investment areas and said that this move is part of the efforts aimed at promoting cooperation between the parties to the agreement in relation to the exchange of information and expertise.

“This agreement complements SCA’s relentless efforts to promote the financial services industry in areas related to financial inclusion and investor awareness and to make use of the social media accounts of both parties,” Dr. Al Zaabi said. “I am fully confident that this cooperation with Ajman Chamber will benefit the national economy and will enhance the capabilities of the business and finance sector professionals, which will in turn have positive effects on the performance of investors and market participants”.

For his part, Al Suwaidi said: “we appreciate the importance and the influence of strategic partnerships and mutual cooperation with government bodies. The main purpose of this agreement is to enhance regulatory standards, improve the technical competence, and promote the ease of doing business for the parties involved in promoting the industry in Ajman, including merchants, suppliers, and financiers”. 

“All these projects and initiatives that we are about to undertake serve our strategy to bolster Ajman’s status as a global commercial hub,” he added.

The agreement states that both parties will cooperate in areas related to training and will consult each other to identify areas of technical and training assistance. It also provides for the exchange of experiences, research papers, and statistics between the parties in areas related to its purpose.

The two parties will also cooperate in holding conferences, meetings, seminars, and workshops, including a conference or workshop on a national program for listing or converting family companies into public joint stock companies.

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