The latest ADGM’s wing will empower the Global Banking major to offer their fullest set of merchandizes and offerings straightaway for aiding in their clients for having a surplus capital.
The Global Investment Banking major JP Morgan had touched up the latest legalized entity within the Abu Dhabi Global Market as they have the specified objective for offering better services to their clients as well as progression of their vital presence within the Emirates.
JP Morgan’s Middle East as well as Abu Dhabi’s General Manager, Declan Hegarty, stated it out that; “We will continue to work closely with our clients to support their continued growth with best advice and financing. Our aim is also to deliver the latest in technology innovation, to provide better visibility and further efficiency gains, as companies in Abu Dhabi continue to transform and enhance their businesses.”
The latest part of the entity, JP Morgan Middle East, is certified by the Abu Dhabi Global Markets Financial Services Regulatory Authority and will permit the lender to deliver its full set of merchandize offerings like that of the corporate banking, security services and wholesale payments comprising off the treasury services and trade straight to clients in Abu Dhabi, it stated in a statement on Tuesday.
The Senior Country Officer as well as Head of the Investment Banking for the UAE, Majed Al-Mesmari, stated out that; “Abu Dhabi continues to be a key market for us and the new legal entity in the ADGM further highlights our commitment to our presence in the UAE.”
JPMorgan is a part of JPMorgan Chase, the major bank in the US registered on New York Stock Exchange. It is a universal financial services firm with assets worth $3.7 trillion. The firm, which focusses in investment banking, commercial banking and asset management, among other things, is active in a number of nations globally.
JP Morgan has been tuning up clients in Abu Dhabi for preceding over four decades and has been substantially present in the emirate for the preceding ten years via a representative office, regulated by Central Bank of the UAE.
ADGM, whose major objectives to link the capital with Global markets in the Middle East, Africa and South and East Asian economies, is a portion of Abu Dhabi’s efforts to diversify its economy.
The financial free zone’s ecosystem embraces globalized business and financial institutions, treasury centres, expert services firms, global investors, small and medium-sized enterprises as well as start-ups and financial technology firms.
Abu Dhabi’s economy is anticipated to nurture between 6 percent and 8 percent over the subsequent two years, powered by government spending, financial services and foreign direct investment, Mohammed Al Shorafa, chairman of the emirate’s Department of Economic Development, stated earlier this year.