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Under the Patronage of H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan Abu Dhabi Finance Week Charts the Rise of the Falcon Economy with A Grand Opening Ceremony and the Launch of Abu Dhabi Economic Forum
ADGM: 27 November 2023
- The Chairman & CEO of JP Morgan Chase & Co praised the economic transformation agendas of Abu Dhabi, whilst announcing plans to expand the bank's operations in ADGM, to match the UAE's emergence as ‘one of the world’s most important trade & financial hubs’.
- Global finance leaders assembled to analyse ADFW’s main theme, ‘Investing in the transition era, where iconic investor Ray Dalio spoke of preparations for a changing economic world order.
- Discussions around Abu Dhabi’s remarkable emergence as an international financial centre, investment strategies of SWFs and ADGM’s increasing recognition as a climate finance hub.
Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, Abu Dhabi Finance Week (ADFW) commenced its four-day series of over 46 sub-events with a spectacular opening ceremony hosted under a specially designed event dome in the South Plaza of Abu Dhabi Global Market (ADGM) and followed the launch of the inaugural Abu Dhabi Economic Forum.
The first day of ADFW brought together distinguished and high-level leaders from over 100+ countries under one roof to witness a range of high-level focused range of sessions, discussing Abu Dhabi’s rise as a global financial centre including keynote speeches, panel discussions, workshops, and presentations. These sessions offered insights into Abu Dhabi’s remarkable emergence as an international financial centre, the investment strategies of Abu Dhabi’s Sovereign Wealth Funds (SWFs) and ADGM’s increasing recognition as a climate finance hub.
One of the highlights of the opening ceremony was a thought-provoking keynote speech by the legendary investor Ray Dalio, who delved into the complexities of the Changing World Order, drawing insights from his recent book. The participation of influential leaders and prominent figures such as Mr. Dalio, emphasised the international significance of ADFW and its objective to explore new paradigms in finance and economics.
ADFW's opening ceremony also celebrated its partnership with the Abu Dhabi Department of Economic Development (ADDED), the headline partner for the event, reflecting a shared commitment to advancing the financial and economic landscape of Abu Dhabi.
In his address at the opening ceremony of ADFW, His Excellency Ahmed Jasim Al Zaabi, Member of Abu Dhabi's Executive Council and Chairman of ADDED and ADGM welcomed the esteemed crowd to Abu Dhabi, the ‘Capital of Capital’ and the ‘Falcon’s Playground’ and shared his thoughts on the momentous occasion, saying, "Abu Dhabi Finance Week is a testament to our commitment to positioning Abu Dhabi as a global financial hub. The opening ceremony was a remarkable start to a week that promises to be filled with insightful discussions and meaningful partnerships. The Abu Dhabi Economic Forum, in particular, symbolises our dedication to fostering economic growth and innovation, in alignment with the changing world order and the rising Falcon Economy of Abu Dhabi and the UAE."
Taking place for the first time at ADFW, the Abu Dhabi Economic Forum, was conducted in partnership with ADQ. The high-level and exclusive event engaged in comprehensive discussions surrounding Abu Dhabi's evolving economy within the changing global context. Key themes included the rise of the regional Falcon Economy, macroeconomic considerations, and Abu Dhabi's role as the 'Capital of Capital.'
The event witnessed the participation of a distinguished group of leaders, including CEOs of Sovereign Wealth Funds such as ADQ and Mubadala and Ministers of Economy and Climate. These discussions provided an international perspective on strategies to foster regional monetary cooperation in support of the Falcon Economy, underscoring the positive outcomes that could result from such cooperation.
ADFW's central theme, 'Investing in the Transition Era,' was explored in a dedicated session, featuring prominent leaders from Abu Dhabi, the UAE, and across the globe. The session deep-dived into the economic consequences and investment opportunities in 'The Transition Era.' A highlight of the Forum was the appearance of Global Banking Titan, Jamie Dimon, Chairman and CEO of JP Morgan Chase & co, who praised Abu Dhabi’s economic growth planning, whilst announcing a major expansion of the bank’s operations in the Emirate. He stated ‘’The determination of the emirate that is forging ahead with its reform agendas is extremely impressive, be it their economic, financial and social agendas. These are not easy changes but there is clear progress on all fronts towards the goal to create a safe and secure society and a dynamic Falcon Economy’’. We’ve continued to add to the team this year and have submitted an application to upgrade our operating licence to a full category one banking entity, signalling our intent and commitment to the size of the opportunity here.’’
Additionally, the UAE's Minister of Economy, His Excellency Abdulla bin Touq Al Marri highlighted his plans for economic policies of the UAE and his views on the key components for future growth in a rising Falcon Economy.
In her keynote address at the Abu Dhabi Economic Forum, Her Excellency Mariam Almheiri, Minister of Climate Change & Environment, Government of UAE highlighted the event's significance as a premier platform for connecting and problem-solving within the finance and business community in the MENA region. Her Excellency addressed the global challenge of climate change, praising the UAE's proactive stance and advocating for a pro-climate, pro-growth strategy, and underscored the pivotal role of climate finance in achieving the goals of the Paris Agreement, expressing the UAE's commitment to kickstarting transformative change at COP28 and making climate financing more accessible, available, and affordable for the world.
Established in 2018, one of the world’s top SWFs with a portfolio spanning energy, utilities, food and agriculture, healthcare, pharma, mobility and logistics, ADQ, unveiled in an exclusive session during Abu Dhabi Economic Forum about the SWF’s fiver year progress along with a deep dive into the company’s vision, journey and investment approach that has led it to its success.
ADFW’s inaugural day marked the announcement of significant partnerships, which included the publication of a white paper jointly by Masdar and PWC on ‘Accelerating renewable energy investment in West Africa’ and the strategic partner of Abu Dhabi Economic forum, Etoro securing its Financial Services Permission from ADGM. Furthermore, a leading alternative credit investment manager, Vibrant Capital Partners, revealed the opening of its office within ADGM.
ADGM also made a milestone announcement, committing to extending the facilities arrangement with the World Bank's office for an additional five years, signifying a continued collaboration on opportunities, in areas such as research, knowledge exchange, events and policymaking.
Abu Dhabi Finance Week is now in full swing, with its upcoming events Asset Abu Dhabi, Fintech Abu Dhabi, and the R.A.C.E Sustainability Summit scheduled for November 28th, 29th, and 30th, respectively. These upcoming events promise to further elevate Abu Dhabi's standing as the ‘Capital of Capital’ and a global financial and sustainable innovation hub.