• Boosts banking services, knowledge sharing, accelerate Fintech initiatives while supporting business development and community engagement activities

Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, First Abu Dhabi Bank (FAB), have signed a Memorandum of Understanding (MoU) to further support the growth needs of the commercial and financial community in Abu Dhabi. The MoU aims to increase collaboration between ADGM and FAB and initiate preferential banking services, such as fast and efficient bank account opening, for ADGM registered and licensed entities and dedicated client managers, among others.

This partnership between ADGM and FAB outlines a framework of collaboration that enables both parties to jointly facilitate knowledge exchange, strengthen association in various FinTech initiatives, drive awareness, support in business development, education, and engagement.  In addition, the two parties seek to support each other’s key initiatives like the ADGM Digital Lab and co-organise appropriate industry workshops and corporate innovation programmes.

Commenting on this partnership, Juma Al Hameli, Chief of Staff at ADGM said “ADGM is pleased to further our partnership with First Abu Dhabi Bank in better serving the fast-growing and thriving business ecosystem in ADGM.  This MoU is an extension of the ongoing cooperation between the two organisations that are committed to the long-term development of the banking and financial industry in Abu Dhabi and wider UAE.  We look forward to working closely with the FAB team to contribute towards the sustainable growth of the Abu Dhabi economy.”

Mustafa Al Khalfawi, Head of Global Banking UAE & Global Head of Government, Sovereigns and Public Sector at FAB said, “We are committed to working alongside ADGM to advance the UAE's dynamic business environment and to support thriving companies.  FAB will provide ADGM registered entities an exceptional banking experience with tailor-made financial solutions and expertise that will take these businesses to new heights in the UAE and beyond.”

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About Abu Dhabi Global Market (ADGM)

Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

ADGM’s strategy is anchored by Abu Dhabi’s key strengths spanning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising four independent authorities: ADGM Authority, ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.

It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region*.

For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
* Source: The Global Investor Middle East and North Africa (MENA) Awards

For media enquiries: 
Simon Hailes 
Financial Services Director 
Edelman 
Email: Simon.Hailes@edelman.com  

About First Abu Dhabi Bank (FAB)

FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s vision is to create value for its employees, customers, shareholders and communities to grow stronger through differentiation, agility and innovation.

Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.

With total assets of over AED 981 Billion (USD 267 Billion) as of March-end 2022, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively - the strongest combined ratings of any bank in the MENA region. The Bank has been    ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally. The Banker’s Top 1000 World Banks 2021 rankings, measured by Tier 1 capital, ranked FAB as #1 in the UAE, #3 in the Middle East and #94 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of AA, ‘Leader’ category), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.

For further information, visit: www.bankfab.com, or https://www.growstronger.com/ Grow Stronger or https://www.bankfab.com/en-ae/updates for COVID-19 related updates.