DUBAI, July 22 (Xinhua) -- The United Arab Emirates (UAE) financial free zone Abu Dhabi Global Market (ADGM) signed a memorandum of understanding (MoU) with the Companies and Intellectual Property Commission (CIPC) of South Africa, ADGM said on Sunday.

As part of the MoU, ADGM said it will work "collaboratively" with CIPC on issues of mutual interest in the registries sector by incorporating each organization's appropriate resources and technical capacity.

The MoU was signed by the Commissioner of CIPC Adv Rory W. Voller, and CEO of the Registration Authority of ADGM Dhaher bin Dhaher Al Mheiri.

The aim of the MoU is to "strengthen mutual understanding of the legislative, procedural and information technological frameworks in each party's respective jurisdictions in the area of registering companies and other legal entities," according to ADGM.

Al Mheiri said "the MoU with CIPC establishes a strategic partnership that develops ADGM's international relations in the field of registries."

In turn, Voller noted "collaboration is a core value of CIPC and this MoU offers an opportunity to expand and enhance the relations with our counterparts at the ADGM Registration Authority."

Established in 2013 and fully open for business since 2015, ADGM is the UAE's second financial free zone after the Dubai International Financial Center.