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ADGM meet promises development

JP Morgan, reiterated its commitment to the capital in an upgraded license, to operate its payment and banking business.
  • The board members reiterated their commitment to progressing ADGM’s growth journey, and strengthening the financial sector
  • They said they were also looking to attract global companies and investments, and develop a business environment underpinned by innovation

The first meeting of the members of the newly-appointed Board of Directors of the Abu Dhabi Global Market or ADGM pointed to building Abu Dhabi as a better financial market.

The meeting, chaired by Ahmed Jasim Al Zaabi, was held on Saturday, November 14, and coincided with ADGM’s sixth anniversary of establishment, according to local reports.

The meeting reflects ADGM’s strategic vision and reinforces its position as one of the world’s leading international financial centers, the local reports said.

The board members, at the meeting, are said to have reiterated their commitment to progressing ADGM’s growth journey, strengthening the financial sector, attracting global companies and investments, and developing a vibrant business environment underpinned by innovation and a robust regulatory framework.

Commenting on the meeting, ADGM Chairman Al Zabi said: “Abu Dhabi Global Market’s forward-looking vision is in line with the Principles of the Fifty that define the nation’s journey for the next 50 years.”

He stressed the importance of establishing a comprehensive and advanced environment that enables the growth and development of local and international entities both regionally and globally.

Among the many things ADGM has done is cooperating with the Central Bank of the UAE to support the fintech sector.

They signed an agreement in this regard a month ago, as part of which they will be expected to enhance their collaboration under their co-sandbox program.

This will reportedly enable fintech companies to test their innovative solutions under the existing digital sandbox program.

They will also be expected to collaborate on activities like accelerator programs, competitions, workshops, seminars, conferences, and projects.

About a week before that, ADGM announced that entities listed with it would be free to list themselves on capital markets across the UAE.

It was the result of a Memorandum of Understanding signed between the Registration Authority of the ADGM and the Securities and Commodities Authority.