Abu Dhabi rises to rank 25th among financial centres
Abu Dhabi plans to become one of the world’s top 10 financial centres, according to Abu Dhabi Global Market (ADGM) chairman Ahmed Al Sayegh, as the nascent free zone continues to build up its service offering and attract new members.
The capital’s prominence as a financial centre received a boost yesterday, rising three places to No 25 in the closely-watched Global Financial Centres Index (GFCI), compiled every six months by London-based market intelligence firm Z\Yen.
“This serves as an endorsement of Abu Dhabi’s initiatives and efforts to enhance its strengths as a financial centre,” said Mr Al Sayegh.” It also spurs us to continue raising the bar and improving the sectors to better serve the needs of our stakeholders.”
Abu Dhabi’s improved score in the rankings come following a busy six months in particular for ADGM; in May, the free zone announced the launch of the ADGM Talent Hub, intended to attract international business schools and professional institutions, together with the relocation of Insead Abu Dhabi’s campus to the free zone’s Al Maryah Island headquarters.
“Our target is to be in the top 10 [financial free zones worldwide],” Mr Al Sayegh told The National at the GFCI launch event in Abu Dhabi yesterday.
“We continue to invest in human capital. Insead will open soon, in October I think, and our training academy which helps all the banks will open in the first quarter.”
ADGM is also positioning itself as a hub for fintech institutions across the region, with the launch last year of its “RegLab” incubator programme for fintech entrepreneurs, and the FinTech Abu Dhabi Innovation Challenge for start-ups, in conjunction with KPMG.
The centre is planning to host a major Fintech summit in the coming months.
“Abu Dhabi is the fintech capital of the Middle East,” said Mr Al Sayegh.
“We were the first to have a regulatory lab focused on fintech and hopefully in the next month the Fintech Summit here will establish our position even further.
in July, ADGM announced a landmark new arbitration hearing centre, alongside a significant agreement with the International Chamber of Commerce, marking a significant addition to the country’s legal infrastructure.
Dubai rose seven places in the GFCI rankings to clinch the No 18 position, the highest of any Middle Eastern financial centre. London retained the No 1 spot in the rankings, followed in second position by New York.