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UAE Freezones Biz News Updates
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Want to start a business? UAE among best countries to do so
Abu Dhabi ranks among the top 25 cities in the world in terms of economic
competitiveness.
The UAE maintains its competitiveness in terms of "Ease of Doing Business"
in the World Bank's global rankings, according to Ahmed Ali Al Sayegh,
Chairman of Abu Dhabi Global Market.
In statements to Emirates News Agency, WAM, after yesterday's launch of the
Global Financial Centres Index where Abu Dhabi ranked among the top 25
cities in the world in terms of economic competitiveness, Al Sayegh said,
"With a well-structured and comprehensive diversification economic vision
and strategy apace, the Abu Dhabi Government has continuously introduced new
initiatives, made concerted efforts across the key growth industries and
progressed steadily towards its goals in developing a sustainable,
knowledge-based economy that is bolstered by private sector activities and
investment across a range of sectors in the UAE."
On whether the current geopolitical conditions the region is going through
would have an impact on the country's domestic economic on the medium or
long terms, Al Sayegh said that Abu Dhabi's initiatives and efforts to
enhance its strengths as a financial centre are likely to mitigate any
potential threat, especially in light of the country's embrace of FinTech.
"As the International Financial Centre of Abu Dhabi and the Financial
Services Regulator, ADGM embraces all aspects of innovation that enable
growth and facilitate greater developments and supports Abu Dhabi in
preparing for the future to face up to all challenges. The FinTech efforts
by Abu Dhabi and ADGM were recognised early this year at the Innovate
Finance Global Summit held in London. Abu Dhabi, with Abu Dhabi Global
Market representing its Fintech Hub in advancing Fintech developments, has
been ranked as the top FinTech Hub for the MENA region in the latest Global
FinTech Hubs Review, "A Tale of 44 Cities", by Deloitte in partnership with
the Global FinTech Hubs Federation."
He added that the FinTech Hubs report provides insights of FinTech
activities across 44 FinTech Hubs, assessing each hub on six categories
including the ease of launching a Fintech business in the hub, the
competitiveness of the financial centre and the extent of innovation in the
economy. "
"The report has pointed out that Abu Dhabi, being located in the East-West
corridor, is well-positioned to be the FinTech nexus for the MENA region.
Abu Dhabi is citied as the economic centre of the United Arab Emirates and
provides a strong financial centre; political stability; internationally
aligned regulatory and judicial regimes; a business-friendly environment;
excellent technology infrastructure and availability of capital.:"
This recognition, he continues to say, is a strong endorsement of the
initiatives and efforts that ADGM has introduced to develop both the
regulatory framework and ecosystem needed to support the ambition of Fintech
stakeholders. "ADGM has created many firsts in the MENA region, including
the first to formulate a regulatory regime to licence FinTech participants;
the first to develop a Regulatory Laboratory that provides a safe and
controlled environment to foster Fintech innovation; and the first
jurisdiction to establish a FinTech Bridge with Singapore that offers
Fintech stakeholders greater access to markets, capital and regulatory
recognition."
"The strategic support of our government, MoU partners and the community has
been instrumental to the advancement of the Fintech growth and activities in
Abu Dhabi and the UAE. As the FinTech Hub, ADGM has established and in the
process of finalising about eight FinTech bridges with key international
financial centres and jurisdictions in the recent six months. These
cross-border partnerships enable ADGM to maintain a practical, open and
inclusive global FinTech centre that has been serving the communities in Abu
Dhabi and the greater MENA region. As a global FinTech Hub, ADGM continues
to enhance its international network with the MENA region, Asia, Australia,
US, UK, Europe to facilitate greater access to markets, capital and
regulatory recognition for Fintech players. ADGM actively engages its
stakeholders, forge partnerships and collaborations to develop a conducive
and effective FinTech ecosystem."
On the possibility of having partnerships in the pipeline between ADGM and
other global financial entities, the AGM Chairman said, "As a member of the
global financial eco-system, ADGM continues to establish new strategic
cross-border partnerships and work closely with like-minded local and
international financial centres and authorities to foster an open and
sustainable marketplace. We believe that greater co-operation amongst
authorities and relevant regulators will continue to make significant
influence and contributions towards the economic growth of the UAE and its
wider region, particularly in today's dynamic business environment."
With regards to ADGM's outlook of the future of Islamic finance in Abu
Dhabi, Al Sayegh said, "Based on global reports, we have seen that the
Islamic finance sector is a rapidly expanding part of the global financial
system and great potential for growth. As an IFC and regulator, ADGM will
continue to foster and provide an open, efficiency, trusted and global
platform to enable and support conventional and Shariah-compliant financial
services and industry participants to thrive and succeed."
September 12, 2017
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Courtesy Khaleej Times
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