World Bank to establish its United Arab Emirates office in Abu Dhabi Global MarketADGM FSRA 12/02/2019
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased that the World Bank will be establishing its office in ADGM on Al Maryah Island. The signing of an agreement to set up the office was witnessed by H.E Obaid Humaid Altayer, Minister of Finance of the UAE, Mr Merza Hussain Hasan, Executive Director and Dean of the Board of the Executive Directors of the World Bank Group, H.E Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of ADGM, and Mr Ferid Belhaj, Vice President (Middle East and North Africa) of the World Bank Group, during the World Government Summit 2019. The agreement was signed by Mr Issam Abousleiman, Country Director for the GCC countries, World Bank Group and Mr Khalid Alsuwaidi, Chief Operating Officer, ADGM.
Serving as the World Bank's platform in the UAE, the new bureau will exercise its full functions including the facilitation of research on relevant policy issues, providing technical assistance to the local governments on appropriate sustainable development programmes, and supporting initiatives that increase shared prosperity.
H.E Obaid Humaid Altayer, Minister of Finance, UAE said: "We welcome the World Bank Group to the UAE and congratulate them on the decision to set up its office in Abu Dhabi with Abu Dhabi Global Market. As a global business hub and corporate citizen, the UAE can relate to the World Bank Group’s commitment to create sustainable economic growth and improve the well-being and livelihood of the communities across developing countries. We will continue to work closely with like-minded authorities and organisations to share knowledge and promote innovative solutions that will address the growth and needs of the UAE and the neighbouring region."
"The UAE has been a strategic partner of the World Bank Group on various levels. We are grateful to the government of UAE and ADGM for supporting the establishment of this office which will help us strengthen our partnership, “said Mr Ferid Belhaj, World Bank Vice President for the Middle East and North Africa.
H.E Ahmed Ali Al Sayegh, Minister of State (UAE), and Chairman of Abu Dhabi Global Market said: "The establishment of the World Bank office in ADGM and their strategic mission resonates with our commitment to foster greater capital formation, drive sustainable financing and investments towards the long-term economic growth and development of the community. ADGM looks forward to working with the World Bank team collaborating with the right partners to support global initiatives, create jobs, improve access to health services, and maximise finance for development. "
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the "Financial Centre of the Year (MENA)" for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards