180 local and global firms joined Abu Dhabi Global Market, says Chairman Al Sayegh

ABU DHABI, 17th November, 2016 (WAM) -- The Abu Dhabi Global Market, ADGM, an international financial centre for local, regional and international businesses, is now home to more than 180 Emirati and global companies, said ADGM Chairman Ahmed Ali Al Sayegh while speaking at a forum last night.

The event was organised by the Indian Business and Professional Council, IBPC, under the theme: Abu Dhabi Global Market - An Oasis of Opportunities.

ADGM was launched a year ago to support Abu Dhabi's economic vision of developing a diversified and sustainable economy and to realise Abu Dhabi’s ambition as an international finance centre.

"The Abu Dhabi chapter of the Institute of Chartered Accountants in India, ICA-I, was one of the first entities to join the ADGM family. We have also successfully approved 13 financial services licence applications and are currently processing another 13," Al Sayegh said.

Highlighting the deep-rooted relations between the UAE and India, he said that there are huge potentials for commercial partnerships among businesses in the two countries.

"When I was first invited to the event, I knew I had to say ‘yes’, considering how India and the Indian community here have been among Abu Dhabi’s and the UAE’s closest and long-term friends and business partners. As we have to encourage commercial partnerships that will inspire entrepreneurship, networking, globalisation, innovation and job creation, I decided to speak about Abu Dhabi Global Market, the new international financial city here in our capital," he added.

Al Sayegh said that for the next two days, ADGM is also hosting the ICA-I’s 28th Annual International Seminar on Maryah Island.

"There are just some examples of ADGM’s commitment to supporting the business and professional community in India and the UAE," he noted.

"We are in a fast-growing region where the Middle East, Africa, India and Asia remain the key growth engines for the next few decades. The strong macroeconomic fundamentals will create a huge demand for financial intermediation and services such as corporate banking, treasury services, foreign exchange and capital markets," Al Sayegh pointed out while underscoring the opportunities for financial services businesses.

"Only this month we have launched the first financial technology (fintech) regulatory laboratory, RegLab, in the MENA region to foster innovation by enabling fintech companies and participants to develop business solutions to address the needs of financial institutions in the UAE and beyond and well into the future," he said.

Al Sayegh also said that during their recent trip to several cities in India, ADGM’s registration authorities met hundreds of Indian business leaders representing a broad range of sectors such as financial services, professional consultancies, fintech, technology and more. They were excited about the growth opportunities in Abu Dhabi and related to the synergies between the two markets. Many are interested in setting up businesses in ADGM.

"As you strategise for the future, Abu Dhabi and ADGM will be your partners, standing ready to support you in your local, regional and global aspirations. We are an important gateway for this. We are an important gateway for local and international institutions seeking opportunities in the MENA, India and Asia regions. I am optimistic of the region’s long-term prospects and tremendous economic potential," he said.


WAM/bashir