As per the media reports, the Securities and Commodities Authority, or SCA, and Abu Dhabi's Department for Economic Development, or DED, would now be co-operating with each other for issuing and renewing licenses to share brokerage firms in the emirate.

The two have signed an agreement, under which the information on the company would be coordinated and shared by the department with the authority on the issuance of licenses to financial or share brokerage firms.

Mohammed Omar Abdullah, Undersecretary of the Department of Economic Development, and Abdullah Salim Al Turifi, Chief Executive of SCA, signed the agreement.

The agreement is seen as the part of Abu Dhabi's efforts to overhaul its licensing procedures and to enhance the business environment in the emirate, by updating rules and regulations.

Apart from this, it is also making procedures easy to give advantage to investors. Apart from this, Monday also witnessed the department signing an agreement with nation's corporate watchdog, the Securities and Commodities Authority, with the aim of sharing information on financial brokerage firms looking to set up businesses in the emirate.

The agreement will make sure that both agencies share information electronically, which will save time that is lost at present in paper work.

With the electronic link-up of their two systems, the two sides will work to build solid partnership between them.