World Bank to establish UAE office in Abu Dhabi

dubai — Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, announced that the World Bank will establish its office in ADGM on Al Maryah Island.

The signing of an agreement to set up the office was witnessed by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, Merza Hussain Hasan, executive director and dean of the board of executive directors of the World Bank Group; Ahmed Ali Al Sayegh, Minister of State and chairman of ADGM; and Ferid Belhaj, vicepresident Mena of the World Bank Group, during the World Government Summit 2019.

The agreement was signed by Issam Abousleiman, country director for GCC countries, World Bank Group, and Khalid Al Suwaidi, 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 local governments on appropriate sustainable development programmes and supporting initiatives that increase shared prosperity.

Al Tayer said: “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.”