Abu Dhabi Global Market (ADGM), an international financial centre based in Abu Dhabi, welcomed a delegation from the UK government’s department for digital, culture, media, and sport (DCMS).
The delegation visit’s focus was to develop both cooperation and partnership in the digital economy space for the benefit of both economies. The event highlights a strengthening relationship between ADGM and the UK.
ADGM explained that leaders from the UK and the UAE have had recent discussions to “review mutual ties”. The discussions have looked to strengthen collaboration between the two countries.
H.E. Julia Lopez MP, Minister of State for media, data and digital infrastructure led the delegation. Lopez was joined by H.E. Patrick Moody, His Majesty’s ambassador to the UAE. H.E. Ahmed Al Zaabi, chairman of ADGM, H.E. Ahmed Al Zaabi welcomed and met the delegation alongside a number of ADGM’s senior management members.
The delegation was given a tour of the ADGM Courts during the visit. The Minister was also given a tour of Hub71, UAE’s community of entrepreneurs, VCs and accelerators based in ADGM’s ecosystem.
Hub71 connects start-ups and founders with leading Abu Dhabi and global entities in the public and private sectors to drive economic impact and commercial opportunities. The Hub71 Incubator was established within ADGM in partnership with global accelerators such as Plug and Play and Techstars.
Currently, the UAE is also the UK’s 25th largest trading partner. The country has seen significant growth over the last decade. The UAE has seen growth from AED60billion in 2014 to AED92billion in 2020. ADGM explained that the number is projected to reach around AED125million over the next two years.
Strengthening UK partnerships
Ahmed Al Zaabi, commented on the visit. He said: “As the international financial centre based in the capital of the UAE, ADGM is pleased to welcome the esteemed delegation from the UK to Abu Dhabi. With the significant growth of the digital economy in the past few decades, data and digital trade represent a global GDP of nearly 16 per cent. Overall, this entails an opportunity roughly equivalent to $11trillion.
“New-age finance continues to be one of the key focus sectors for ADGM as a part of its new ‘go to market’ strategy and will also be a sector that will help drive the accelerated growth of our Falcon economy. As an international financial centre, partnerships are essential to realising such global opportunities and benefits of global data flows.”
Julia Lopez further discussed the delegation’s aims. She commented: “Data and digital technologies create exciting opportunities for growth and innovation around the world. I look forward to strengthening the UK’s partnership with Abu Dhabi Global Market. I also look forward to working together to promote trusted and secure data flows in the future.”