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Abu Dhabi Global Market The Abu Dhabi Global Market (ADGM), an international financial center in Abu Dhabi, welcomed a delegation from the UK Government’s Department for Digital, Culture, Media and Sport (DCMS).
The focus of the delegation’s visit was to develop cooperation and partnerships in the field of digital economy to benefit the economies of both countries. The event highlighted the strengthened relationship between ADGM and the UK.
ADGM It explained that the leaders of the UK and the UAE had recently discussed “reviewing their mutual relationship”. The discussions aimed to strengthen cooperation between the two countries.
HE Julia Lopez Congressman, the Minister of State for Media, Data and Digital Infrastructure led the delegation.lopez joined Patrick Moodythe British ambassador to the UAE. HE Ahmed Al ZaabiChairman of ADGM, HE Ahmed Al Zaabi Welcoming and meeting the delegation with some of ADGM’s senior management.
During the visit, the delegation visited the ADGM Court.Minister also visited hub 71a community of entrepreneurs, VCs and accelerators in the United Arab Emirates, based on ADGM’s ecosystem.
hub 71 Connecting startups and founders with leading Abu Dhabi and global entities in the public and private sectors to drive economic impact and business opportunity. The Hub71 incubator was established within ADGM in collaboration with global accelerators such as plug and play with technology star.
The UAE is currently the UK’s 25th largest trading partner. The country has experienced significant growth over the past decade. The UAE has grown from AED 60 billion in 2014 to AED 92 billion in 2020. This figure is expected to reach approximately AED125 million over the next two years, ADGM explained.
Strengthening UK partnerships
Ahmed Al Zaabi commented on the visit. He said: “As an international financial center headquartered in the capital of the UAE, ADGM is delighted to welcome the distinguished British delegation to Abu Dhabi. With the remarkable growth of the digital economy over the past few decades, data and Digital trade accounts for nearly 16% of global GDP. Overall, this represents an opportunity equivalent to roughly $11 trillion.
“New Era Finance remains one of the key focus industries ADGM It will also be a division that will help drive accelerated growth in our Falcon economy as part of its new “go-to-market” strategy. As an international financial centre, partnerships are critical to realizing the global opportunities and benefits of global data flows. “
Julia Lopez further discussed the mission’s goals. 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 Markets. I also look forward to working together in the future to promote trusted and secure data flow.”
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