Category: Trading

ABU DHABI: Abu Dhabi Finance Week (ADFW), presented by Abu Dhabi Global Market (ADGM) with Abu Dhabi Department of Economic Development (ADDED) as headline partner has successfully concluded its 2023 edition, reaffirming its growing status as a key financial annual event of the MENA region as it hosted 18,000+ people from the financial industry during its four thematic days, an increase of more than double from its 2022 inaugural edition.

The second edition debated the theme ‘Investing in the Transition Era’ this year, focusing on the economic, technological, and energy transitions that are expected to shape the next decade of global finance and world economies, in a changing world order. It hosted five main events spread across 46 sub-events that saw 180+ sessions and 300+ speakers taking the stage.

ADFW attracted a diverse and international audience, of which 39% of the total represented an international audience, majorly consisting of business leaders, including over 3,500 senior financial leaders from t
op global financial firms, industry experts, policymakers, regulators, investors, and bankers travelling to Abu Dhabi from over 100 countries included the following; United Kingdom, United States, India,, Mainland China, Singapore, Switzerland, France and Canada and the GCC region.. The event featured a series of five global leadership forums, with heads of firms across Private Equity, Capital Markets, Hedge Funds, Asset Managers, Venture Capitalists, Institutional Investors, Investment Banks, and fintechs collectively managing over USD 30 trillion in assets – a staggering 22% of the global economy.

Ahmed Jasim Al Zaabi, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Department of Development (ADDED) and ADGM, said, ‘In the past two years, ADFW has served as a platform to host global influential thought leaders in the finance and investments sector to discuss critical topics outlining the changing industry dynamics and opportunities and in further reinforcing ADGM’s position as one o
f the leading financial centres in the MEASA Region. With this year’s theme being ‘Investing in the Transition Era, the discussions focused on tackling challenges and harnessing opportunities within a transition era. It is clear that markets are responding to major geo-economic, technological and energy transitions, and ADGM is proud to be at the centre of these conversations. As leaders work to develop intelligent strategies to achieve progress and growth across the next decade, our future thinking and future-ready international financial centre is now a key pivot-point.

With several strategic outcomes emerging from Abu Dhabi Finance Week, including the announcement of establishment of over a dozen major institutions, our reputation as a Capital of Capital continues to thrive. Our ambitions are accelerated, and we look forward to an even bigger ADFW in 2024.’

2023 has been a milestone year for ADGM, with 14 major financial institutions representing a total AUM of USD 452 billion announcing the establishmen
t of a presence within ADGM with major names such as NinetyOne, Rothschild Co, GQG Partners, TCI and eToro during the four-day event.

It also witnessed the signing of 25 Memorandums of Understanding (MoUs) between international and regional players, setting the bar high for the growth of the financial sector and its contribution to Abu Dhabi’s rising falcon economy in 2024.

In its commitment to advancing the financial and sustainable economic landscape of the UAE and the industry, ADFW hosted five key theme events, starting with the Abu Dhabi Economic Forum and then followed by Asset Abu Dhabi, the Global Financial Regulators Summit, the 7th edition of Fintech Abu Dhabi and the R.A.C.E. (Regulation, Awareness, Collaboration, Ecosystem) Sustainability Summit. The forum also included breakout events such as Asset Abu Dhabi Private, the Asset Abu Dhabi GP-LP Programme, and The International Family Office Forum. Blockchain Abu Dhabi, AI Abu Dhabi, and Risk 4.0.

Running just ahead of COP28, this year’s edition
received increased footfall as world leaders and representatives gathered to host climate-related discussions in the UAE.
Source: Emirates News Agency

DUBAI: John Silk, Minister of Natural Resources and Commerce of the Marshall Islands, has praised the UAE’s exemplary organisation of the 28th Conference of the Parties (COP28).

Speaking about his country’s efforts in terms of climate action and adaptation to climate change, Silk noted that the Marshall Islands launched its first National Adaptation Plan last week, and it was submitted as part of COP28.

In a statement to the Emirates News Agency (WAM) during the Conference, the Minister of Natural Resources and Commerce said that his country’s contribution to global emissions is zero, but the nation has sought solutions to reduce emissions to move proactively.

Regarding renewable energy, the minister said that the Marshall Islands is a small country with a population of only 40,000 people, spread over more than 33 small islands, noting that it is difficult for them to build solar energy for everyone. However, he said that his country is committed to increasing the use of renewable energy.

In conclusion, t
he Minister of Natural Resources and Commerce of the Marshall Islands highlighted the importance of climate action and adaptation to climate change for small island states.
Source: Emirates News Agency

GENEVA:Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Chair of the WTO’s 13th Ministerial Conference in Abu Dhabi, delivered opening remarks at a two-day meeting at the World Trade Organisation’s (WTO) General Council in Geneva.

His participation at the General Council was part of a series of engagements where Al Zeyoudi worked intensively with WTO Members on the range of issues in the lead up to the WTO’s 13th Ministerial Conference, set to take place in Abu Dhabi from 26th to 29th February 2024.

During the General Council meeting, WTO members began discussing ways to reduce harmful government subsidies, ensure certainty for the global e-commerce marketplace, expand access to life-saving medical technologies, and help developing countries, and least developed countries in particular, to reap greater benefits from the global trading system.

Alongside the meeting in Geneva, Al Zeyoudi met with WTO Director-General Ngozi Okonjo-Iweala to review the progress of the MC13 agenda as well
as with several Ambassadors, Permanent Representatives, and senior officials to discuss the latest developments in the WTO negotiations.

Al Zeyoudi also joined the UAE-hosted reception, which was attended by leaders from many different countries.

Al Zeyoudi said, ‘We are now less than 10 weeks from MC13, and we must all intensify our work to bridge remaining gaps within the Membership on key issues where the international community, and business large and small, need action. The time is now to build consensus on priority issues such as renewing the moratorium on duties on e-commerce, expanding access to medical goods, narrowing differences on agriculture, and delivering tangible results for developing countries. It is crucial for delegations and capitals to advance progress in the coming weeks toward closing these gaps.’

The Ministerial Conference is the topmost decision-making body of the WTO that can decide on all matters under its range of multilateral trade agreements and is being Chaired by Dr Thani b
in Ahmed Al Zeyoudi. MC13 will bring together the WTO’s 164 Members to discuss ways forward on a number of trade issues including digital trade and e-commerce, agriculture, investment facilitation for investment, WTO Reform and dispute settlement, and trade and environment and fisheries subsidies.
Source: Emirates News Agency

ABU DHABI: The Central Bank of the UAE (CBUAE) has revoked the licence of Cogent Insurance Broker (Cogent), an insurance broker operating in the UAE, and struck its name off the Register, pursuant to Article 22 (2) of the Board of Directors Resolution No.15 of 2013 Concerning Insurance Brokerage Regulations.

The administrative sanction is a result of the findings of an examination conducted by the CBUAE, which revealed that Cogent had a weak compliance framework and failed to comply with its regulatory obligations.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance related professionals abide by the UAE laws, regulations and standards adopted by the CBUAE. This to safeguard the transparency and integrity of the insurance industry and the UAE’s financial system.
Source: Emirates News Agency

BRASILIA: The UAE Ministry of Finance (MoF) will participate in the Finance Track of the 2024 Group of 20 (G20), following an invitation from the Federative Republic of Brazil who assumed the presidency of the G20 on 1st December 2023, and will host the G20 Summit in Rio de Janeiro on 18-19 November 2024.

Brazil’s invitation is testament to the long-standing bilateral relations between the UAE and Brazil.

The Ministry’s engagement in the Finance Track commences with the G20 Finance and Central Bank Deputies (FCBD) meeting scheduled for 14th to 15th December 2023 in Brasília, which will discuss the G20 Finance Track priorities set by Brazil’s Presidency.

The meeting will be preceded by a Joint Sherpa and Finance and Central Bank Deputies meeting, which will bring together the Sherpa and Finance Tracks to discuss topics related to hunger, climate change, and bioeconomy.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, expressed his gratitude for Brazil’s invitation to participate in the G2
0 Finance Track.

He said, ‘We applaud the Presidency’s agenda of reducing social and economic inequalities around the globe with its motto – building a just world and a sustainable planet. These are critical issues, and it is timely that the international community prioritises them in international forums in the coming year. The UAE Ministry of Finance is aligned with the Finance Track priorities, and we are ready to work on its key issues, such as improving international financial institutions, addressing persistent debt burdens, and effectively mobilising public and private resources towards a more sustainable global economy.’

During the course of its participation in the G20 Finance Track, the Ministry of Finance has consistently advocated for building resilience in global supply chains and multilateral collaboration in the Framework Working Group. As a global hub, the UAE plays a leading role in strengthening international partnerships and promoting international economic and financial cooperation in li
ne with the Ministry of Finance’s objectives set out in its Strategic Plan 2023-2026, and the ‘We the UAE 2031’ vision.

As the COP28 Presidency, the UAE has sought to address the macroeconomic impacts of climate change by building bridges between the G20 and COP28.

The UAE has highlighted issues that affect vulnerable countries such as heavy debt burdens which affects their ability to invest in sustainable development.

In this context, Al Hussaini congratulated Brazil on being selected to host COP30, the first COP ever to be held in the Amazon region.

He extended the UAE Ministry of Finance’s readiness to share its experience to help shape the climate finance-related agenda.
Source: Emirates News Agency