World News Abu Dhabi achieves ambition for an international financial center with launch of Abu Dhabi Global Market (ADGM)

Abu Dhabi achieves ambition for an international financial center with launch of Abu Dhabi Global Market (ADGM)
 

Abu Dhabi achieves ambition for an international financial center with launch of Abu Dhabi Global Market (ADGM) is originally published by and copyright of The Prospect Group.



Abu Dhabi: Thriving Business Hub

For more than forty years, Abu Dhabi, the capital of the UAE, has transformed itself into a thriving business hub. It has built a robust and sophisticated financial services sector with a well-diversified portfolio of more than a trillion dollars of assets managed globally.



Abu Dhabi is the capital of the United Arab Emirates, the most advanced economy in the region. We have the best infrastructure in the Middle East and we provide an international hub for the world to come to Asia, to come to Africa, to come to the Middle East. It is through our airports and on our airlines that the world travels today. Abu Dhabi Global Market is a natural next step for Abu Dhabi.


Ahmed Ali Al Sayegh, Chairman, Abu Dhabi Global Market (ADGM)



Abu Dhabi Global Market (ADGM)

Abu Dhabi has a large concentration of institutional and private wealth and several of the world’s largest sovereign wealth funds. It is within this context that Abu Dhabi’s ambition for an international financial center and the establishment of Abu Dhabi Global Market is a natural next step for the emirate and the UAE as a dependable and responsible participant in the global financial community.



Abu Dhabi has a long history of creating wealth and creating financial institutions and sovereign wealth funds. We believe now is the time for Abu Dhabi also to put this experience into creating a world class leading international financial center and we’re creating the relationships, the regulations, and the lifestyle that is necessary to achieve that.


Ahmed Ali Al Sayegh, Chairman, Abu Dhabi Global Market (ADGM)




Collaboration is at the heart of what we do. We work very closely with the different stakeholders, the international regulators, financial services intermediaries, and users of financial services products to provide an international platform in which they can operate in.


Richard Teng, CEO, ADGM Financial Services Regulatory Authority



ADGM: An International Financial Center

Spanning the entirety of Al Maryah Island, ADGM is a broad based international financial center for local, regional, and international institutions.



When you build a Financial Center, location is important. We are building a center that’s at the heart of the East-West-North-South corridor. It’s at the heart of the areas that are generating wealth for the future. We are the place where Abu Dhabi meets the world, and the world meets Abu Dhabi.


Steve Barnett, Financial Development Director, Abu Dhabi Global Market (ADGM)




Lifestyle is the key success of any financial center. Within ADGM is a place where you could live, work and entertain yourself throughout the whole day.


Dhaher Bin Dhaher Almheiri, CEO, ADGM Registration Authority




ADGM operates out of a fantastic destination. It’s a great place to live, work and play. People bring businesses here. They bring employees here. They bring their families here, and most of all, most importantly, they attract clients here. You have great hotels, great restaurants, great accommodation and we have wonderful lifestyle destinations. It’s a great place to live, work, and play.


Steve Barnett, Financial Development Director, Abu Dhabi Global Market (ADGM)



ADGM encompasses three independent authorities: the Registration Authority, the Financial Services Regulatory Authority, and ADGM Courts, ensuring a well regulated and business friendly environment that operates in line with international best practice and that is recognized by major financial centers across the world.



We started this journey by talking first to Abu Dhabi institutions. Our objective was find out what Abu Dhabi wanted from its financial center and what we could do to support that. We continued that journey by talking to international institutions. The purpose of that was to make sure that we focused on the things that were really important to the market place.


Steve Barnett, Financial Development Director, Abu Dhabi Global Market (ADGM)




One of the unique value propositions of ADGM is the use of English Common. English Common Law is the commonality among global financial services centers such as New York, London, Singapore, and Hong Kong.


The usage of English Common Law in Abu Dhabi will allow direct linkage connectivity for financial institutions into the global arena allowing them a platform to service not only the UAE, but also the greater Middle Eastern and African region in the environment they are familiar with.


Richard Teng, CEO, ADGM Financial Services Regulatory Authority




We want to set a new benchmark within the registries environment within the region and that’s by introducing a new, innovative solutions. Being the first point of contact within ADGM, it is important to keep a positive impression to all stakeholders and partners within Al Maryah Island and this is achievable by ensuring service excellence all throughout the way.


We are a window to the city where we can support all stake holders on Al Maryah Isand in all services required.


Dhaher Bin Dhaher Almheiri, CEO, ADGM Registration Authority



The Future of Financial Services in Abu Dhabi

ADGM will anchor a healthy financial services sector in Abu Dhabi and will be a vital component in sustaining a diversified economy in the Emirates and in developing the next generation of industry experts.



We are focusing on the things where Abu Dhabi already has its core strengths. Abu Dhabi is a wealth management center. We’re starting with Private Banking, Wealth management, and Asset Management in its various different forms in order to be the center of gravity which helps us to build a full-services Financial Center.


Steve Barnett, Financial Development Director, Abu Dhabi Global Market (ADGM)




Abu Dhabi Global Market is aspiring to be a world class financial hub. To do that we really need to be able to attract the best talent and at the same time make sure that our existing talent is promoted. This is key to the success of any financial center. Our hope is that we will be able to promote local and international talent in our international financial center.


Abu Dhabi Global Market is a reflection of Abu Dhabi and the United Arab Emirates. We wanted always to be a good citizen in the world and bring peace and prosperity to our neighborhood. We promise to continue our legacy of building trust, building relationships and building partnerships that add value to our lives.


Our success will be when we are here together with the rest of the world on Al Maryah Island transacting to improve the lives of our people and the world around us.


Ahmed Ali Al Sayegh, Chairman, Abu Dhabi Global Market (ADGM)



Abu Dhabi achieves ambition for an international financial center with launch of Abu Dhabi Global Market (ADGM) is originally published by and copyright of The Prospect Group.