UAE: World Bank to establish office at Abu Dhabi Global Market
Source: Middle East Insurance Review | Mar 2019
Abu Dhabi Global Market (ADGM), the international financial centre in the capital of UAE, announced that the World Bank will establish its office in ADGM on Al Maryah Island.
Serving as the World Bank’s platform in the UAE, the new bureau will exercise its full functions, including the facilitation of research on relevant policy issues, providing technical assistance to local governments on appropriate sustainable development programmes and supporting initiatives that increase shared prosperity.
“As a global business hub and corporate citizen, the UAE can relate to the World Bank Group’s commitment to create sustainable economic growth and improve the well-being and livelihood of the communities across developing countries. We will continue to work closely with like-minded authorities and organisations to share knowledge and promote innovative solutions that will address the growth and needs of the UAE and the neighbouring region,” said HE Obaid Humaid Al Tayer, minister of state for financial affairs, UAE.
“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,” said Mr Ferid Belhaj, World Bank vice president for the Middle East and North Africa.
“The establishment of the World Bank office in ADGM and their strategic mission resonates with our commitment to foster greater capital formation, 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,” said HE Ahmed Ali Al Sayegh, minister of state (UAE), and chairman of ADGM. M