Abu Dhabi plans to become one of the world's top ten financial centres, according to Abu Dhabi Global Market chairman Ahmed Al Sayegh, as the nascent freezone continues to build up its service offering and attract new members.
The capital's prominence as a financial centre received a boost yesterday, rising three places to number 25 in the closely-watched Global Financial Center Index (GFCI), compiled every six months by London-based market intelligence firm Z\Yen.
"This serves as an endorsement of Abu Dhabi's initiatives and efforts to enhance its strengths as a financial center," said Mr Al Sayegh."It also spurs us to continue raising the bar and improving the sectors to better serve the needs of our stakeholders."
Abu Dhabi's improved score in the rankings comes following a busy six months. In May, the freezone announced the launch of the ADGM Talent Hub, intended to attract international business schools and professional institutions, together with the re-location of Insead Abu Dhabi's campus to the freezone's Al Maryah Island headquarters.
"Our target is to be in the top 10 [financial freezones worldwide]," Mr Al Sayegh told The National at the GFCI launch event in Abu Dhabi on Monday.
"We continue to invest in human capital. INSEAD will open soon, in October I think and our training academy which helps all the banks will be open in the first quarter."
ADGM is also positioning itself as a hub for fintech institutions across the region, with the launch last year of its 'RegLab' incubator programme for fintech entrepreneurs, and the FinTech Abu Dhabi Innovation Challenge for start-ups, in conjunction with KPMG. The centre is planning to host a major Fintech summit in the coming months.
"Abu Dhabi is the fintech capital of the Middle East," said Mr Al Sayegh. We were the first to have a regulatory lab focused on Fintech and hopefully in the next month the Fintech summit here will establish our position even further.
In July, ADGM announced a landmark new arbitration hearing centre, alongside an agreement with the International Chamber of Commerce (ICC), marking a significant addition to the country’s legal infrastructure.
Dubai rose seven places in the GFCI rankings to clinch the number 18 position, the highest of any Middle Eastern financial centre. London retained the number one spot in the rankings, followed in second position by New York, inline with its ranking in last year's GFCI survey.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
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