Abu Dhabi has launched a financial cluster, with a focus on FinTech, insurance, digital and alternative investment assets, amid plans for the emirate to attract more investment and diversify its economy away from oil.
The initiative, announced at Abu Dhabi Finance Week, was approved by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council, Abu Dhabi Media Office reported.
It is expected to contribute Dh56 billion ($15.24 billion) to Abu Dhabi's economy by 2045 and create more than 8,000 skilled jobs across FinTech, asset management and other sectors. It is also expected to attract Dh17 billion in new investment.
The launch of the cluster represents a strategic step towards building an integrated global financial ecosystem that harnesses capital, innovation, advanced technologies and AI solutions, Sheikh Khaled said.
He also emphasised the continuing need to develop innovative economic infrastructure to further attract investors, start-ups and entrepreneurs in advanced FinTech.
The platform is to connect regulators, FinTech innovators and small and medium-sized enterprises into “one coherent structure" to help businesses grow in Abu Dhabi, Fatima Al Hamadi, head of financial services cluster at Abu Dhabi Investment Office, told The National at Abu Dhabi Finance Week.
Companies specialised in digital payments and tokenisation, as well as family offices and wealth management firms, will also be part of the cluster.
“It brings together local players, regulators and other global financial institutions into one coherent structure so they can work together to grow at scale,” Ms Al Hamadi said.
The cluster aims to develop institutional-grade digital asset infrastructure and advanced FinTech platforms, while establishing frameworks that other jurisdictions can leverage as a global benchmark, ADMO said.
The strategy will also support the development of green finance instruments to attract investors focused on environmental, social and governance factors.
It will also provide tailored financial infrastructure for the emirate’s other priority clusters, including agrifood, smart and autonomous mobility and life sciences.
The cluster also expands access to diverse funding sources, including alternative lending, venture debt and growth capita
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