World Bank to set up UAE office at Abu Dhabi Global Market

Agreement signed at the World Government Summit in Dubai

ADGM, Capital Markets Authority of Kenya signed an agreement to cooperate on sustainable finance. Mona Al Marzooqi / The National 

The World Bank will set up its UAE office at Abu Dhabi Global Market, the capital's financial hub, following the signing of an agreement at the World Government Summit in Dubai.

The new bureau will serve as the bank's platform in the UAE and its functions will include the facilitation of research on policy issues, providing technical assistance to local governments on appropriate sustainable development programmes, and supporting initiatives that increase shared prosperity, according to a statement from the Dubai government's media office on Tuesday.

"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," Ahmed Al Sayegh, UAE minister of state and chairman of Abu Dhabi Global Market said.

The World Bank plans to provide billions of dollars in loans to the Middle East and North Africa region in 2019 to accelerate economic reforms under way in countries such as Jordan, Tun­isia and Egypt, Ferid Belhaj, its vice-president for the Middle East, told The National on Monday.

However, total funding is expected to decline slightly from the record $6.2 billion the bank invested in Mena in 2018, as some countries – most notably Tunisia – are approaching their maximum borrowing limit, he said.