Wednesday, May 01, 2013

Abu Dhabi: Industry experts and analysts said Abu Dhabi World Financial Market and Dubai International Financial Centre will complement each other in attracting investments to the UAE.

“Both markets will be playing an integrated role and will complement each other as the core of business of the Dubai market will be different from that of Abu Dhabi,” Wadah Al Taha, chief analyst and economist at Zarouni Group, told Gulf News.

“The focus of the ADWFM will be on energy, oil and gas, renewable energy, carbon credits and other new products, benefitting from the fragile recovery in the USA and European markets,” said Al Taha.

“The UAE has become an international hub for foreign investors to issue bonds and right now it is the right time for them to consider opening in Abu Dhabi which will witness regional shifting from other countries, depending on operational costs,” said Al Taha.

He stressed that Abu Dhabi will differentiate this centre in terms of capabilities in annual operational costs, prompting businesses from the region and from the EU and US to invest in the UAE market.

He said that both DIFC and ADWFM will be housing regional headquarters for many of the world’s biggest banks and finance firms as well as energy companies.

The main competitors for the ADWFM will be Qatar Financial Centre, which was established in 2005 in Doha, and Bahrain Financial Harbour which was launched in 2009.

Amer Nouman Ashour, chief analyst and economist at CNBC Arabia, said that the ADWFM will have a positive impact on the UAE economy. “The per capita income will increase, the unemployment rate will decrease and the revenues to the UAE from these companies and investments will soar accordingly,” he added.

By Shehab Al Makahleh Staff Reporter

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