Dubai: The World Bank will be establishing its office in the Abu Dhabi Global Market (ADGM), the International Financial Centre on Al Maryah Island, it has been announced.
An agreement to set up the office was signed during the World Government Summit 2019 in Dubai.
The signing was witnessed by Obaid bin Humaid Al Tayer, minister of state for financial affairs; Merza Hussain Hasan, executive director and dean of the board of the executive directors of the World Bank Group; Ahmed Ali Al Sayegh, minister of state and chairman of ADGM and Ferid Belhaj, vice president (Mena) of the World Bank Group.
The document was signed by Issam Abousleiman, country director for the GCC countries, World Bank Group and Khalid Al Suwaidi, chief operating officer, ADGM.
Serving as the World Bank’s platform in the UAE, the new bureau will exercise its full functions including the facilitation of research on relevant policy issues, providing technical assistance to local governments on appropriate sustainable development programmes and supporting initiatives that increase shared prosperity.