Abu Dhabi Global Market establishes ADGM Authority

Abu Dhabi - The newly constituted authority will be led by Mark Nicholas Cutis as its Chief Executive Officer, who will assume his position on June 1, 2021.

Mark Nicholas Cutis. — Supplied photo
Mark Nicholas Cutis. — Supplied photo

Published: Mon 12 Apr 2021, 10:55 PM

Last updated: Mon 12 Apr 2021, 10:56 PM

The Board of Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has approved the establishment of the ‘ADGM Authority’. This newly constituted Authority will be led by Mark Nicholas Cutis as its Chief Executive Officer, who will assume his position on June 1, 2021.

The new Authority will play a pivotal role in driving ADGM’s growth by leveraging the trends emerging across the international financial services sector and the developments associated with the post pandemic world. The key functions of the new Authority will include: the Office of Strategy and Business Development, Corporate Services, the Office of Information Security and Enterprise Risk Management.

Ahmed Al Sayegh, Minister of State (UAE) and Chairman of ADGM, said: "I am glad to welcome Mark to the ADGM family and as CEO of the new Authority. Mark is a well-recognised executive who brings with him a unique vantage point in global financial services with extensive knowledge of Abu Dhabi, the MENA landscape, as well as his professional experience having worked in London, New York, Tokyo, Frankfurt and Moscow. Mark joins us at a crucial juncture in ADGM’s growth as we move to our next phase of development as an innovative global financial centre and digital business hub. ADGM will continue to play a key role in attracting strong capital inflows for the country as we promote the diversification of the economy spurred by the ongoing energy transition."

ADGM marked its fifth year of operations as a progressive and world-class International Financial Centre in October 2020. In this brief period, ADGM has earned the recognition and acceptance from its global peers as an innovative, responsive and strategic financial centre and business hub. Designed to support Abu Dhabi’s economic diversification strategy and financial development plans, ADGM has transformed the regional financial services landscape with numerous innovative financial, regulatory and business initiatives that serve to bolster a dynamic and sustainable economy for the UAE

On his new role, Cutis said: "I am honoured to be entrusted with this important task to take ADGM to the next level of its journey to become a preeminent and trusted global financial centre. An enormous amount of effort has preceded my joining. Building a centre of excellence where financial counterparties can come together to transact business while enjoying the rule of law with independent courts, as well as enlightened and savvy regulation is the hallmark of ADGM . As we emerge from the disruption caused by the global pandemic, Abu Dhabi and the UAE will increasingly be recognised as an international bastion of stability and governance, making it a "go to" destination. I look forward to working closely alongside each of the ADGM Authorities in shaping the future of the international financial landscape in the UAE." — Wam

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