Over the past several decades, the U.A.E. has established itself as the financial hub of the Middle East with Dubai reaffirming its position as a global financial hub and Abu Dhabi branding itself as the “Capital of Capital.” The country’s major financial centers of Abu Dhabi and Dubai are home to sovereign wealth funds, banks, private equity firms, and other financial institutions looking to serve clientele and deploy capital not just in the Middle East but to South Asia, Africa, and beyond.
The U.A.E. boasts several sovereign wealth funds, most notably Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company, and ADQ, that deploy capital across a variety of asset classes and geographies to generate financial returns for the greater benefit of the U.A.E.
The U.A.E. is home to some of the region’s largest indigenous banks, including First Abu Dhabi Bank (FAB), Emirates NBD, Mashreq Bank, and Abu Dhabi Commercial Bank (ADCB). The country also hosts the regional headquarters of leading global banks and financial service providers, such as JP Morgan Chase, Morgan Stanley, Bank of America, and Citi, and asset management firms like BlackRock, State Street, and Apollo. Foreign financial institutions and fintech startups alike benefit from the favorable regulatory environments of the U.A.E.’s leading financial free zones—Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC).
The fintech and crypto sectors are also rapidly emerging as key pillars of the U.A.E.’s financial landscape, and the U.A.E. is positioning itself as a global hub for fintech and digital assets through progressive regulation and major investments.
The importance of financial services to the bilateral relationship is underscored by the fact that H.E. Waleed Al Mokarrab Al Muhairi, Mubadala’s Deputy Group Chief Executive Officer, is Co-Chairman of the Board and Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, is Vice Co-Chairman of the Board.
The Business Council supports members in the financial services sector by arranging for regular roundtables with prominent U.S. and U.A.E. officials, including the U.A.E. Minister of Foreign Trade, the U.A.E. Minister of Economy, and the U.A.E. Undersecretary of the Ministry of Investment. The Business Council is also a longtime supporter of Abu Dhabi Finance Week and hosts networking events for members on the sidelines of the event. The Business Council has hosted representatives from the Abu Dhabi Investment Office, ADGM and DIFC in the United States.
The Business Council has also hosted discussions with private sector leaders like First Abu Dhabi Bank’s Hana Al Rostamani Citi’s Candi Wolff, and ADQ’s Dr. Jaap Kalkman, as well as discussions with Dubai FDI, Abu Dhabi Investment Office (ADIO), and the Sharjah Investment and Development Authority (Shurooq) to showcase opportunities for investment in the U.A.E. The Business Council has promoted dialogue around anti-money laundering efforts and sustainable finance as well as sector specific investment with leaders from MGX, 2pointZero, and ALTERRA.
The Business Council plays a key role in conveying industry viewpoints on important regulatory matters, such as the U.A.E.’s 2018 introduction of a VAT and excise taxes. In addition, the Business Council continues to release timely publications on developments in the U.S. and U.A.E. finance and business environments including in its guide to doing business in the U.A.E.
Key Institutions