Arab Today, arab today abu dhabi\s new financial zone to benefit
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

Abu Dhabi\'s new financial zone to benefit

Arab Today, arab today

Arab Today, arab today Abu Dhabi\'s new financial zone to benefit

Dubai - Arabstoday

Abu Dhabi\'s planned financial zone will complement Dubai, which should benefit from a deepening of financial markets in the United Arab Emirates, a senior Abu Dhabi executive said yesterday. \"It brings complementarity to Dubai and to the region overall,\" Mahmood Ebraheem Al-Mahmood, chief executive and chairman of ADS Holding, said of Abu Dhabi\'s plan. In an interview, he noted that other successful financial centers operated in close proximity, such as Tokyo and Osaka, London-Frankfurt-Zurich, and New York and Chicago. Early this month the Abu Dhabi government said it would set up a full-service financial zone on an island near the city\'s downtown. The zone would have its own administration and court system to attract banks and other firms from around the world. The announcement prompted speculation that because of its oil wealth, Abu Dhabi could eventually become a major competitor to the Dubai International Financial Centre (DIFC), currently the Middle East\'s top financial center. The DIFC is little more than an hour\'s drive from Abu Dhabi. Al-Mahmood, who is also on the board of Abu Dhabi state investment fund Mubadala, said ADS, a major, privately owned financial firm based in Abu Dhabi, would establish operations in the zone. He took part in preliminary discussions with Abu Dhabi authorities planning the new financial center. Business types that are likely to flourish in Abu Dhabi include market-making, money markets, asset management, commodities trading and prime brokerage services — activities that currently lack sophistication and depth in Abu Dhabi, said Al-Mahmood. \"We are looking at opening a door of a new set of services that wasn\'t here. If you open this door, there will only be more traffic flow,\" he said. Because of the presence of big Abu Dhabi investment firms such as its sovereign wealth fund, the Abu Dhabi Investment Authority with estimated assets of $ 400-$ 600 billion, Abu Dhabi has traditionally been a center for \"buy side\" financial activity. Now the emirate is providing an environment for sell-side services to cater to the buy-side requirements of Abu Dhabi and the region, Al-Mahmood said. \"The buy side is really going to attract a lot of the sell side to come in,\" he said. The private sector will be expected to take the leadership in developing Abu Dhabi\'s financial zone, instead of leaving it to the government to build the zone, he said. The zone is to be launched in the fourth quarter of this year. \"Private sector players will make a big mistake if they donít take advantage of that and try to invest there.\" Meanwhile, ADS Securities, a unit of ADS Holding, plans to expand to Singapore and Hong Kong to cater to its clients there and take advantage of growth opportunities in emerging markets in the vicinity of those two hubs, Al-Mahmood said. ADS offers trading in foreign exchange, bullion and precious metals, derivates and fixed income, as well as investment banking; it trades about $ 6 billion daily, a figure which could more than quadruple in the next three years, Al-Mahmood added. Source: ArabNews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today abu dhabi\s new financial zone to benefit Arab Today, arab today abu dhabi\s new financial zone to benefit

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today abu dhabi\s new financial zone to benefit Arab Today, arab today abu dhabi\s new financial zone to benefit

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday