February 27, 2018 / 7:20 AM / 6 months ago

ADNOC says likely to engage more with banks that have presence in Abu Dhabi

ABU DHABI, Feb 27 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) will likely engage more with financial institutions that have a presence in Abu Dhabi Global Market (ADGM), the emirate’s international financial centre, ADNOC’s chief executive said on Tuesday.

“We will, as we did in the past couple of years, engage more with the financial sector and one of the criteria we will be evaluating is....have they decided to engage physically in Abu Dhabi Global Market,” Sultan al-Jaber said at a financial industry conference.

ADGM, which opened in October 2015, and the older and larger Dubai International Financial Centre are the United Arab Emirates’ two international hubs for banking and fund management.

The launch of ADGM was part of Abu Dhabi’s drive to diversify its economy beyond oil and gas, while widening its footprint in the Gulf’s competitive financial services industry.

ADGM currently contains about 60 regulated financial institutions, among 700 or more companies registered there, according to an ADGM official. (Reporting by Tom Arnold and Stanley Carvalho; Writing by Saeed Azhar; Editing by Andrew Torchia)

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