Abu Dhabi's effort to enhance its strength as a financial centre is recognised on the global stage

Announcement comes as Abu Dhabi is ranked within the top 25 cities in the world in terms of its attractiveness as an international financial centre

22nd edition of the GFCI is hosted at Abu Dhabi Global Market (ADGM) and is attended by H.E. Saif Mohammed Al Hajeri Chairman, Department of Economic Development

Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to host the ranking of the Global Financial Centres Index 22 (GFCI) by the Z/Yen Group on Al Maryah Island at Abu Dhabi. The twenty second edition of the GFCI revealed that Abu Dhabi is ranked within the top 25 cities in the world, in terms of its competitiveness as a financial centre. It also revealed that Abu Dhabi moved up three rankings from the previous edition of GFCI 21, to the current 25th position with a Rating of 682.

The GFCI 22 report is the result of a rigorous process from the GFCI, which measures 29,000 financial centre assessments, together with over 100 indices from organisations such as the World Bank, the Organisation for Economic Co-operation and Development (OECD). 

Whilst mature cities such as London, New York, Hong Kong, Japan and Singapore maintain their leads, the recent index highlighted how emerging economies have gained considerable strides in the global rankings index as financial hubs.  

As the capital of the United Arab Emirates (UAE), Abu Dhabi has achieved a substantial increase in its economic and political influence, both on a regional and a global level in recent years.  As part of the capital’s Economic Vision, new initiatives introduced by the Abu Dhabi Government to foster growth industries and a sustainable, knowledge-based economy are being bolstered by private sector activities and investment.  Such examples include the successful merger of the National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), renamed as First Abu Dhabi Bank, creating one of the region’s largest banks with total assets in excess of $180 billion. 

H.E Ahmed Ali Al Sayegh, Chairman of Abu Dhabi Global Market commented: “We are excited that Abu Dhabi is ranked among the top 25 cities this year. This serves as an endorsement of Abu Dhabi’s initiatives and efforts to enhance its strengths as a financial centre. It also spurs us to continue raising the bar and improving the sectors to better serve the needs of our stakeholders.”

He continued: “Now in our second year of operations as an IFC, ADGM is honoured to play a part in sustaining our nation and transforming the financial landscape in the region by enabling local, regional, and international stakeholders to anchor key business and financial activities in Abu Dhabi. We continue to be committed and look forward to a long and prosperous future as Abu Dhabi continues to uphold itself as an instrumental and leading financial centre regionally and internationally.”

The Global Financial Centres Index 22 (GFCI) launch was held at the ADGM Auditorium, with H.E. Saif Al Hajeri, Chairman of Abu Dhabi’s Department of Economic Development, H.E. Ahmed Al Sayegh Chairman of ADGM, Mark G Yeandle, Associate Director of the Z/Yen Group attending amongst the guests.

About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.

In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.

ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.

Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.

Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket, @FinTechAD, #FinTechAD, and Linked : ADGM

For media enquiries, please contact markettiers MENA on behalf of ADGM

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© Press Release 2017