Abu Dhabi Global Market, ADGM, the international financial centre in Abu Dhabi, today announced that its Pre-Open Market Consultation is underway and that ADGM has formed an expert panel of 16 leading international financial institutions to support the development of the draft regulatory framework, which will govern the operations of institutions licensed to operating from ADGM.
Guidance and input from members of the panel, which so far includes senior representatives from National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank, Mubadala Development Company, ADS Securities, Goldman Sachs, J.P. Morgan, HSBC, Standard Chartered, Pacific Investment Management Company, PIMCO, Lazard, Credit Suisse, International Swaps and Derivatives Association, ISDA, and Man Group, will be instrumental in tailoring the regulations to be adopted by ADGM to ensure that they create an environment to attract global players in the financial industry.
Ahmed Ali Al Sayegh, Chairman of ADGM, said, “The Pre Open Market Consultation process is a major step in preparing Abu Dhabi Global Market to receive its first licence applications from financial institutions in 2015. Consultation and collaboration are at the core of ADGM’s ambition to become a global financial centre and we are delighted to be working with our panel of renowned global financial institutions to ensure that when ADGM launches, it will offer a regulatory regime that provides maximum support and protection for business and is also completely compatible with the leading financial centres in the world.” ADGM will be a broad based financial services centre which will, following extensive market consultation, centre around asset management, private banking and wealth management during the first phase of its establishment.
Alex Thursby, Chief Executive Officer of NBAD, said, “National Bank of Abu Dhabi is delighted to support Abu Dhabi Global Market by participating in the expert panel. We see the development of ADGM as being extremely important for the development of Abu Dhabi as a sophisticated financial services hub for the region that will provide access to growth opportunities across Asia, Africa and the Middle East.” He added, “The consultative approach that is being taken by ADGM supports the development of an environment which meets the needs of both local and international banks. This is very exciting for us, and will complement our bank’s international expansion strategy.” Commenting on their participation, President of Man Group plc, Luke Ellis, said, “We are delighted to be included on Abu Dhabi Global Market’s expert panel as representatives of the global asset management industry. We very much look forward to contributing actively in the development of a successful financial centre. We recognise that Abu Dhabi offers a geographically well-located, secure, established and attractive location for a regional financial hub and we therefore will look forward to furthering our discussions with ADGM in the spirit of continued partnership and collaboration.” Michael Samaha, Executive Vice President of PIMCO, said “We are pleased to be approached by Abu Dhabi Global Markets to be part of their expert panel of leading global financial institutions in what we believe represents an important step in market developments and opportunities for the United Arab Emirates. As a leading provider of investment solutions across all asset classes to investors worldwide, PIMCO welcomes the expansion of the financial services sectors in the region and we look forward to continuing to build our relationships across the UAE and the Middle East.” Mohamed Al Qubaisi, Vice Chairman of ADGM commented, “ADGM is being developed and will continue to grow with the collaboration and consultation with the UAE’s international financial institutions. We intend to make best use of the extensive expertise and experience available from local and global financial institutions to ensure that ADGM grows in accordance with their needs and expectations. Our next phase will be open market consultation which we aim to initiate shortly.” Over the past forty years, Abu Dhabi has cemented its role as a dependable, responsible and respected participant and partner in the global financial community. Today, the expert panel institutions’ support of ADGM in drafting of its regulations, while not committing them to being part of ADGM in the future, is a testament to that role and to the mutual respect Abu Dhabi has with a wide range of financial institutions across the world.
Once completed, ADGM will offer a clear and fully transparent legal and regulatory framework that will adhere to the highest international standards and be compatible with the world’s leading financial centres.
Source : WAM News Agency for United Arab Emirates
