- UAE Financial authorities forge commitment to ensure sustainability of UAE economy
Leading financial authorities in the UAE have published the UAE’s first set of Guiding Principles on Sustainable Finance, which serves as a catalyst in the implementation of the UAE’s sustainability priorities. The launch of the initiative was unveiled during the second edition of the Abu Dhabi Sustainable Finance Forum (ADSFF), a prominent event organized by Abu Dhabi Global Market (ADGM) and held during Abu Dhabi Sustainability Week.
Premised on the United Nations Agenda for Sustainable Development, the initiative was implemented as a result of collaborative efforts among a number of financial services authorities in the UAE, including: Abu Dhabi Global Market; the Ministry of Climate Change and Environment; the Central Bank of the UAE; the Insurance Authority of the UAE; the Securities and Commodities Authority; the Dubai Financial Services Authority; the Dubai Islamic Economy Development Centre; the Abu Dhabi Securities Exchange, the Dubai Financial Market and Nasdaq Dubai.
These Guiding Principles will serve as a gateway to the increased implementation and integration of sustainable practices among the UAE’s financial entities and will secure the health and longevity of the nation’s economy. The voluntary principles represent the first stage of collaboration among participating entities to ensure a strong and frictionless transition to a sustainable framework. The contributing authorities will implement appropriate measures to encourage UAE financial firms to develop strategies to incorporate sustainable practice considerations in their business activities, decision making, risk management and in the context of exploring new businesses. As a leading international financial centre, the growth and development of the UAE’s economy remains a key focus across ADGM’s initiatives and efforts.
ADSFF was comprised of a series of events including a number of other announcements, key addresses, panel discussions and live ceremonies. In attendance were many leading international institutional investors, regulators, international agencies, development finance institutions and project developers who showcased concrete progress and actions that aim to develop sustainable finance in the MENA region and around the world.
ADSFF also hosted a myriad of speakers, including H.E. Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM; The Right Honourable The Lord Mayor of the City of London Alderman William Russell; Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, CEO of Alliances for Global Sustainability and Founder of the Circle of Hope Foundation; H.E. Dr. Thani Al Zeyoudi, Minister of Climate Change and Environment; Laurent Fabius, President of the COP21; H.E. Salama Al Ameemi, Director General of the Abu Dhabi Authority for Social Contribution (Ma’an); Ahmed Jasim Al Zaabi, Group CFO of ADNOC Group, and many other world leaders.
About Abu Dhabi Global Market (ADGM)
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 panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: 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)
* Source: The Global Investor Middle East and North Africa (MENA) Awards
© Press Release 2020