“The markets of the kingdom are very sophisticated, the banks are very sophisticated,” he continued, noting ADGM’s geographical and jurisdictional strengths, including its close relationship with the Gulf Cooperation Council (GCC).
ADGM aims to overtake Dubai as “the leading financial center in the region and a gateway to the world,” however, Ali Al Sayegh added that the hub would bring greater liquidity and investment for other GCC markets.
“This common law jurisdiction and the amount of attention we are receiving from the world to come here means, of course, an increase in liquidity so there will be more liquidity coming through our financial center to our markets, including other GCC markets,” he said.
“I think the reality that the price of oil will be at certain levels, lower levels than what they’ve been historically, has helped us drive the message home that financial transactions – not real estate, not other things – financial services need to become a big part of our GDP.
“All the government plans in the next years include growing the sector, not just here in the UAE, but across the region,” he added.
However, financial services are just part of the growth story emerging from Abu Dhabi.
Investment is other sectors, including transportation, Medicare, infrastructure, and property indicate the Emirates is on the move.
