ADGM establishes "ADGM Authority" and appoints Chief Executive Officer

This newly constituted Authority will be led by Mr. Mark Nicholas Cutis as its Chief Executive Officer, who will assume his position on June 1st, 2021

  
Mark Cutis

Mark Cutis

Abu Dhabi, UAE – The Board of Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has approved the establishment of the ‘ADGM Authority’.  This newly constituted Authority will be led by Mr. Mark Nicholas Cutis as its Chief Executive Officer, who will assume his position on June 1st, 2021.

The new Authority will play a pivotal role in driving ADGM’s growth by leveraging the trends emerging across the international financial services sector and the developments associated with the post pandemic world. The key functions of the new Authority will include: the Office of Strategy and Business Development, Corporate Services, the Office of Information Security and Enterprise Risk Management.

H.E Ahmed Al Sayegh, Minister of State (UAE) and Chairman of ADGM, said: “I am glad to welcome Mark to the ADGM family and as CEO of the new Authority.  Mark is a well-recognised executive who brings with him a unique vantage point in global financial services with extensive knowledge of Abu Dhabi, the MENA landscape, as well as his professional experience having worked in London, New York, Tokyo, Frankfurt and Moscow. Mark joins us at a crucial juncture in ADGM’s growth as we move to our next phase of development as an innovative global financial centre and digital business hub. ADGM will continue to play a key role in attracting strong capital inflows for the country as we promote the diversification of the economy spurred by the ongoing energy transition.”

On his new role, Mark Cutis remarked: “I am honoured to be entrusted with this important task to take ADGM to the next level of its journey to become a preeminent and trusted global financial centre.  An enormous amount of effort has preceded my joining. Building a centre of excellence where financial counterparties can come together to transact business while enjoying the  rule of law with independent courts, as well as enlightened and savvy regulation is the hallmark of ADGM . As we emerge from the disruption caused by the global pandemic, Abu Dhabi and the UAE will increasingly be recognised as an international bastion of stability and governance, making it a “go to” destination. I look forward to working closely alongside each of the ADGM Authorities in shaping the future of the international financial landscape in the U.A.E.”

Mark Cutis has more than 40 years of financial and investment experience in global banking and investment management. He is well-recognised for his business and investment acumen and is a strong proponent of building partnerships to drive positive governance objectives. Prior to ADGM, Mark was the Group Chief Financial Officer at ADNOC as well as being Chief Adviser of Finance and Investments. Before ADNOC, he worked for 10 years at the sovereign wealth fund, Abu Dhabi Investment Council, which he had joined in March 2008. Before coming to the UAE, Mark held senior positions in numerous global financial institutions including Managing Director at Merrill Lynch and Treasurer at the European Bank for Reconstruction and Development, both in London, as well as Chief Investment officer of the Shinsei Bank and Chief Executive Officer at Bayerische Vereins Bank (Unicredito), both in Tokyo.

ADGM marked its fifth year of operations as a progressive and world-class International Financial Centre in October 2020. In this brief period, ADGM has earned the recognition and acceptance from its global peers as an innovative, responsive and strategic financial centre and business hub. Designed to support Abu Dhabi’s economic diversification strategy and financial development plans, ADGM has transformed the regional financial services landscape with numerous innovative financial, regulatory and business initiatives that serve to bolster a dynamic and sustainable economy for the UAE.

-Ends-

About Abu Dhabi Global Market

Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

ADGM’s strategy is anchored by Abu Dhabi’s key strengths spanning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising four independent authorities: ADGM Authority, ADGM Courts, the Financial Services Regulatory Authority, and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.

It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*

For more details on ADGM, please visit www.adgm.com  or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)

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