World bank to set up office in Abu Dhabi Global Market

The World Bank on Tuesday announced that it will establish its regional office in the Abu Dhabi Global Market (ADGM), Abu Dhabi's financial hub.

“We welcome the World Bank Group to the UAE and congratulate them on the decision to set up [their] office in Abu Dhabi with the Abu Dhabi Global Market,” UAE finance minister Obaid Humaid Al Tayer commented on the announcement.

The new office, serving as the World Bank’s platform in the UAE, will exercise its full functions including the facilitation of research on relevant policy issues, in addition to providing technical assistance to local governments on appropriate sustainable development programmes. Moreover, the new office will enhance initiatives that increase shared prosperity.

“The UAE has been a strategic partner of the World Bank Group on various levels. We are grateful to the government of UAE and ADGM for supporting the establishment of this office which will help us strengthen our partnership,” Ferid Belhaj, World Bank vice president for the Middle East and North Africa, commented.

Meanwhile, ADGM chairman Ahmed Ali Al Sayegh said that launching a new office in ADGM would drive sustainable financing and investments towards the long-term economic growth and development of the community.

"ADGM looks forward to working with the World Bank team collaborating with the right partners to support global initiatives, create jobs, improve access to health services, and maximise finance for development.” Al Sayegh concluded.