Abu Dhabi Global Market sets up new authority to oversee operations

The financial free zone has recruited Mark Cutis to lead the new body

International Holding Company completed the purchase of a 45% stake in Alpha Dhabi Holding that will add scale to the company. Alamy

Abu Dhabi Global Market on Monday established the ADGM Authority and appointed Mark Cutis as its chief executive.

The new authority "will play a pivotal role in driving ADGM’s growth by leveraging the trends emerging across the international financial services sector", the financial free zone said in a statement. It will have a number of different functions including an office of strategy and business development, a corporate services division, an office of information security and an enterprise risk management arm.

Prior to joining ADGM, Mr Cutis was group chief financial officer at Abu Dhabi National Oil Company, where he had also previously served as chief adviser of finance and investments.

"Mark is a well-recognised executive who brings with him a unique vantage point in global financial services with extensive knowledge of Abu Dhabi, the Mena landscape, as well as his professional experience having worked in London, New York, Tokyo, Frankfurt and Moscow,” Ahmed Al Sayegh, UAE minister of state and chairman of ADGM, said.

“Mark joins us at a crucial juncture in ADGM’s growth as we move to our next phase of development as an innovative global financial centre and digital business hub,” he added.

Mr Cutis also previously worked for 10 years at the Abu Dhabi Investment Council sovereign fund and has held senior positions at Merrill Lynch, Japan's Shinsei Bank and at the European Bank for Reconstruction and Development.

ADGM, which aims to connect the UAE's capital with markets across the Middle East, Africa and South and East Asian economies, is part of Abu Dhabi's efforts to diversify its economy.

The financial free zone's ecosystem includes international business and financial institutions, treasury centres, professional services firms, global investors, small and medium-sized enterprises as well as start-ups and financial technology firms.

"As we emerge from the disruption caused by the global pandemic, Abu Dhabi and the UAE will increasingly be recognised as an international bastion of stability and governance, making it a 'go to' destination," Mr Cutis said.