Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office, attended the opening ceremony of Abu Dhabi Finance Week at the Emirates Palace hotel.
He watched a drone show depicting the “falcon economy” concept, which symbolises the UAE’s economic ascent supported by Abu Dhabi’s growth as a leading global business hub.
Organised by Abu Dhabi Global Market, in collaboration with the Abu Dhabi Department of Economic Development and G42, Abu Dhabi Finance Week is hosting 500 high-level investors from around the world across 30 separate events, including FinTech Abu Dhabi. The event continues until Friday.
“Abu Dhabi’s economy radiates certainty, stability, strategic advantage and opportunity with the unwavering commitment from our leadership,” said Ahmed Al Zaabi, chairman of ADGM.
“These factors impact the transformation of our economy from an oil-based to a knowledge-based economy, opening doors to various industries with particular traction in the financial services sector.”
Abu Dhabi and the UAE’s economy rebounded strongly from the coronavirus pandemic on the back of higher oil prices and government initiatives to support the growth of the economy.
Emirates NBD recently raised its UAE growth forecast to 7 per cent in 2022, owing to a higher estimate for the energy industry's output and the “robust growth” of its non-oil sector, setting up the country for its fastest annual expansion since 2011, when output grew by 6.9 per cent.
Abu Dhabi Commercial Bank projects growth of 6.2 per cent.
The past decade has seen investments in Abu Dhabi increasing with investors, financial institutions, venture capitalists, asset managers and more investing across established global businesses and across different asset classes, Mr Al Zaabi said.
“Even with the many challenges over the years including the global pandemic, the zeal to overcome each one of them has resulted in the country rising stronger every time,” he said.
The emirate's capital markets have welcomed a flurry of company listings over the past two years that have helped boost its market value to about Dh2.6 trillion ($697 billion) as of the close of trading on Monday.
ADX, the Arab world's second-largest stock market, recorded a surge in liquidity and foreign investment in 2021 on the back of new listings, anchoring it as one of the world’s best-performing equity gauges last year.
The week-long Abu Dhabi Finance Week builds on the emirate’s position as a world-class financial centre and has gathered leaders in finance from around the world to share insights on topics including financial technology and innovation, start-ups, venture funding, asset management and capital markets, and sustainability and society.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Mugheer Al Khaili, chairman of the Department of Community Development, Awaidha Al Marar, chairman of the Department of Energy and other officials attended the opening ceremony.
