ABU DHABI, 26th October, 2016 (WAM) — Abu Dhabi Global Market, ADGM, the International Financial Centre in Abu Dhabi, has been named “Financial Centre of the Year (MENA)” by the prominent Global Investor/ISF publication. The award, presided over by a prestigious independent panel of industry judges, was presented at the 2016 MENA Capital Markets Summit and Awards held in Dubai on 26th October.
The publication commended ADGM for its progress, innovative approach and achievements as the world’s youngest financial centre. The judging panel recognised ADGM’s efforts in adopting digital platforms and services across all three authorities, the Financial Services Regulatory Authority, FSRA, the Registration Authority and the ADGM Courts. ADGM’s focus on developing a conducive ecosystem to support the needs of stakeholders and embracing Fintech were also lauded.
Ahmed Al Sayegh, Chairman of ADGM, said, “We would like to thank the leadership of the Abu Dhabi government, our industry partners and valuable stakeholders for their relentless support and trust in Abu Dhabi Global Market and what we aspire to achieve. More than 170 local and international companies have established themselves in ADGM, and we have already approved 13 financial services licence applications while processing another 12. This achievement is noteworthy given the backdrop of slow global economic growth, volatile market conditions and reduction of the global footprint of financial institutions. For ADGM, the journey has just begun to support Abu Dhabi’s aspiration to become an international financial centre.”
He added, “ADGM is an extension of Abu Dhabi’s strategic growth plans and we will continue to play a key role at the heart of the regional’s capital and financial markets by offering strategic and efficient access to growth opportunities in the UAE and beyond. We will keep planning ahead for the future of Abu Dhabi and maintain a sustainable ecosystem for ADGM firms.”
Richard Teng, Chief Executive Officer, FSRA of ADGM, said, “It is an honour to receive the “Financial Centre of the Year” recognition in our first year of operation. This achievement is only possible with the vision of the Abu Dhabi leadership and support of Abu Dhabi Inc, the strong stewardship of ADGM Board under our inspirational Chairman, Ahmed Al Sayegh, and collective team effort to develop a best-in-class financial centre. We are committed to supporting evolving business needs and providing our licensed firms with the most conducive ecosystem and regulatory framework to support their aspirations and business expansion. Firms and stakeholders can continue to rely on ADGM to help them navigate through the challenging environment of today and tomorrow and accelerate their business growth in Abu Dhabi and the wider region.”
ADGM has formed close partnerships with vital local federal authorities, including the Central Bank of the UAE, Ministry of Finance, Securities and Commodities Authority, the Insurance Authority, Abu Dhabi Securities Market. In addition, it has made significant progress in its international standing and credibility through regulatory and cooperation Memoranda of Understanding with global counterparts in the Middle East region, China, India, South Africa, Europe and many others.
FSRA is now a member of key international organisations such as the International Organisation of Securities Commissions, the International Association of Insurance Supervisors and the Basel Consultative Group of the Basel Committee on Banking Supervision, and is in the process of joining other key finance fora.