ADIA to establish a presence in Abu Dhabi's financial free zone

Abu Dhabi's sovereign wealth fund joins growing number of global institutions with branches in ADGM

Abu Dhabi Global Market and Hong Kong Monetary Authority will jointly promote financial technology prospects and opportunities. Mona Al Marzooqi / The National

Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, will establish a presence in the emirate's international financial centre.

ADIA, as the fund is known, will join a growing number of global institutions that have opened branches in the Abu Dhabi Global Market, the free zone said in a statement Tuesday.

"The ADGM has established itself as a leading international financial centre and an important catalyst for the continued growth of the investment community in Abu Dhabi, the UAE and the wider region," said ADIA's Managing Director Sheikh Hamed bin Zayed Al Nahyan. "ADIA is pleased to join an increasing number of significant global institutions that have established a presence at the ADGM and looks forward to contributing to the centre's continued development."

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ADGM, which opened to business in 2015, is home to a number of financial institutions, including French lender BNP Paribas, which established a branch in February.

“ADIA has been a highly-regarded and globally-recognised investment institution for decades and plays a vital role in the Abu Dhabi economy and beyond," said Ahmed Al Sayegh, chairman of ADGM. "We are delighted to welcome them to ADGM and look forward to welcoming other new partners from local, regional and global jurisdictions as we continue to build our platform.”