The U.S.-U.A.E. Business Council hosted a small, private luncheon on Monday, October 28th at the St. Regis Hotel in New York City in honor of a visiting delegation from Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Global Market (ADGM). The U.S.-U.A.E. Business Council convened select business executives from prominent U.S. technology, financial services, and professional services companies to welcome the delegation to the United States. The delegation visited New York following discussions at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG).    

Mr. Olivier Honsberger, Senior Vice President – Traditional Finance at ADGM, underscored that Abu Dhabi serves as a global hub for business and finance and acts as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world. Mr. Honsberger cited strong infrastructure and the presence of educational institutions such as New York University Abu Dhabi and Mohamed Bin Zayed University of Artificial Intelligence (MBZUAI) as additional draws of Abu Dhabi. Mr. Honsberger noted that Abu Dhabi’s growing GDP reflects the U.A.E.’s economic diversification agenda, particularly its focus on the technology sector. 
 
Mr. Honsberger briefed attendees on ADGM and highlighted the three main structures of ADGM: ADGM Courts, the Financial Services Regulatory Authority (FSRA), and the Registration Authority. Mr. Honsberger urged U.S. companies to take advantage of ADGM’s favorable regulatory environment, business incentives, and global connectivity. Mr. Honsberger emphasized that ADGM supports businesses seeking a foothold in the entire Abu Dhabi ecosystem and advises on strategy and product offerings.  

Dr. Monica Malik, ADCB’s Chief Economist, briefed attendees on the macroeconomic environment in the U.A.E. and the broader region. Dr. Malik noted that the U.A.E. is a driver of economic growth globally and provides key business opportunities. She mentioned that the U.A.E. is expected to register 4.6% growth (non-oil) this year. She noted that most of the U.A.E.’s economic growth is coming from contributions in the non-oil sector. She outlined that one key driver of growth in the U.A.E. is high levels of investment activity, particularly greenfield investments. Dr. Malik referenced large-scale infrastructure, energy transition, transportation projects, and advanced technology as key areas of investment focus.    

Dr. Malik indicated that the U.A.E. distinguishes itself through the “strength of its economy” citing low levels of debt, government reserves, and the U.A.E.’s capital allocation. Dr. Malik highlighted the U.A.E.’s multilateral economic approach through the adoption of Comprehensive Economic Partnership Agreements (CEPAs). Dr. Malik referenced growth in the U.A.E.’s aviation industry and high passenger traffic as another indicator of the U.A.E.’s forward-looking focus on investment. Finally, Dr. Malik noted the influx of capital from high net-worth individuals coming into the U.A.E.  

Mr. Ludovic Nobili, Group Head of Corporate and Investment Banking at ADCB, noted that the ADCB delegation held discussions at the IMF and World Bank meetings that focused on the current global economic turmoil, including U.S.-China tensions. He contrasted the uncertain global economic outlook with the positive growth and trajectory of the Gulf Cooperation Council (GCC) market, including the U.A.E.  Mr. Nobili underscored that the U.A.E. is a premier investment destination and cited the competitive tax environment, low crime, connectivity, and hospitality as draws for ambitious professionals. 

Mr. Nobili introduced attendees to ADCB and its wide range of products and services, such as retail banking, wealth management, private banking, corporate banking, commercial banking, and cash management. Mr. Nobili highlighted that ADCB has a growing international footprint and is the third largest bank in the U.A.E. in terms of assets. Mr. Nobili detailed the ways in which ADCB provides cash management services, corporate lending, risk management, and trade finance to multi-national corporations (MNCs).

Finally, Mr. Asif Karmally, Executive Head – International Corporate Banking, added that a key distinguisher of ADCB from other banks is its broad-based presence across the U.A.E. He noted that ADCB is a big lender in Dubai and involved in the Wynn project in Ras Al Khaimah. Mr. Karmally and Ms. Malik stated that other key advantages of ADCB are its speed, flexibility, and customer service. 

For more information about this event, please contact Matthew Gardell at mgardell@usuaebusiness.org.

For more information about the U.S.- U.A.E. Business Council’s upcoming programming and activities in the financial sector, please contact Caitlin Cottrell at ccottrell@usuaebusiness.org. 

For more information about ADCB, please see here for a recently published Member Spotlight.