Minister of Economy begins visits to financial & business hubs in UAE to assess impact of new economic measures & legislative amendments

• First visit to Abu Dhabi Global Market

• E. Bin Touq: UAE’s transition to new economic model significantly boosted business opportunities, and we will continue dialogue with the business sector to launch more growth enablers

H.E. Abdulla bin Touq Al Marri, Minister of Economy, commenced a series of visits to business, financial and investment ecosystems in the UAE to assess the impact of the recently launched legislative amendments and economic policies on the country’s business community and their role in promoting sustainable economic development. The launch of these economic policies and legislative amendments, the implementation of which was led by the Ministry of Economy, coincided with the UAE’s golden jubilee celebrations last year and marked the beginning of the development journey for the next 50.

The series of visits by H.E. Bin Touq will cover financial and business centers, SMEs and startups, business incubators and accelerators, and chambers of commerce across the UAE.

It began with a visit to Abu Dhabi Global Market (ADGM), during which, H.E. Bin Touq learned about the growth achieved by the financial centre in light of the recent economic legislative amendments, and its vision for the future. Here, the Minister of Economy was briefed about the views of ADGM’s companies and business establishments on the UAE’s investment climate.

H.E. Bin Touq said: “The UAE’s transition to the new economic model has significantly boosted business and trade activities, opportunities, and growth potential. The economic policies and legislative amendments introduced by the country over the past couple of years have contributed to encouraging investment flows, commercial and industrial ecosystems, enhanced competitiveness and the ability to attract FDI, thus cementing the UAE’s position as a global investment and business hub. We continue to move forward with the development of these policies by conducting visits to financial and business hubs across all seven emirates, thus enhancing direct and continued dialogue with the UAE’s entrepreneurial community and investors to support the national economy’s growth and sustainability.”   

H.E. added: “We look forward to enhancing joint efforts by the Ministry of Economy and ADGM and are keen to provide more support tools to ADGM, which will contribute to the UAE’s efforts to further enhance financial compliance as per the requirements of the Financial Action Task Force (FATF), and boost financial service sector to solidify UAE’s status as a dynamic global trade and investment hub.” 

The Minister of Economy pointed out that ADGM is an ecosystem that attracts family businesses in the UAE owing to the incentives, growth enablers and accelerators it provides to these companies in various sectors, particularly fintech and new economy sectors, and thanks to ADGM’s advanced and integrated digital ecosystem that follows global best practices.   

Furthermore, H.E. Bin Touq met with H.E. Ahmed Jassim Al Zaabi, Chairman of the Board of Directors of ADGM, in the presence of several company directors and CEOs operating out of the financial centre to learn more about their achievements and efforts exerted to support the national agenda to combat money laundering and terrorism financing, and to maintain a regulatory framework for risk assessment to achieve further progress and alignment with FATF. The meeting further addressed family businesses’ role as key pillars of national economy, and plans to develop the business and investment system, including laws and legislative frameworks that ensure an ideal environment for their continuity for the coming decades.

H.E. Ahmed Jassim Al Zaabi, Chairman of ADGM, said: "We are honored today by the visit of H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy, and his accompanying delegation to the headquarters of ADGM on Al Maryah Island. This visit reflects the support extended by the UAE government to the financial centre to enable us to continue enhancing our efforts to cement Abu Dhabi’s position as a leading financial hub and a distinguished business destination. ADGM is committed to keeping pace with the country’s strategy for the next 50 years, led by a future vision based on driving continuous development, growth, and enhancing relations with various markets around the world. We strive to promote the strategic features of the market as an attractive global hub for investment and a comprehensive financial system that follows the best regulatory standards and frameworks.”

H.E. Bin Touq was also briefed on ADGM’s future plans, including the sector-based strategy, which will contribute to consolidating its position as one of the most advanced, diversified and governance-based financial centers in the world, while also underlining its serious commitment to enhancing local innovation capabilities in various sectors. Efforts further target developing the future capabilities of ADGM and leveraging the transformative economic opportunities that are available today.

Moreover, H.E. Bin Touq hailed ADGM as one of the key markets and most distinguished financial centers in the region, and its prominent and vital role in supporting the growth and sustainability of national economy by providing economic incentives and enablers for businessmen, investors and investment funds, which promote investment flows to the country.

The Minister of Economy also emphasized the significance of exploiting the UAE’s distinguished capabilities to promote trade and economic growth, and the continuing efforts to encourage investors to increase their investments in the country’s markets by developing innovative strategies and initiatives that best fit the current stage.

ADGM, established in 2013, was officially opened for business in 2015. The financial centre provides its services in four main areas, including private banking, wealth management, asset management, and fintech. It is also distinguished for its geographical location as it is located on Al Maryah Island in Abu Dhabi, which is known as a centre for business and hospitality.