13/09/2017 11:24 AST

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.

After the 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.”

The Gulf Today

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