NBAD highlights Abu Dhabi investment opportunities at ADIF
- United Arab Emirates: Monday, October 22 - 2012 at 13:23
- PRESS RELEASE
The National Bank of Abu Dhabi (NBAD), highlighted Abu Dhabi's economic and market opportunities at the fourth annual Abu Dhabi Investment Forum (ADIF).
The Forum, organised by Abu Dhabi Department of Economic Development and Institutional Investor, congregated Abu Dhabi's industry leaders and top-level policy-makers with investors from Asia, Europe and the US. Held in association with UK Trade and Investment, it provided a medium to discussed trade and investment opportunities in Abu Dhabi. It discussed such topics as the impact of Arab Spring and Euro crisis in Abu Dhabi, the market and economic outlook as well as the shifting of economic power in favour of emerging and commodity-rich countries.
H.E. Nasser Ahmed Alsowaidi, the Chairman of Department of Economic Development and the Chairman of NBAD's Board of Directors, delivered the keynote address at the Forum.
Speaking in a panel titled "Insight into the Fundamentals of Abu Dhabi's Financial Sector," Dr. Gıyas Gökkent, NBAD Group Chief Economist illuminated Abu Dhabi financial system's strength relative to the global peers.
"The operating environment in Abu Dhabi is relatively dynamic fueled by Abu Dhabi Vision 2030 diversification plans," Dr. Gökkent said. "In 2011, Abu Dhabi's real GDP grew by 6.8%; in which non-oil sector jumped 4.1% and the oil sector saw a growth of 9.4%."
Dr. Gökkent added, "Data reflect that Abu Dhabi's financial sector is robust. UAE banks' capital adequacy ratio (CAR) of about 21% and tier 1 CAR of about 16%, which is substantially higher than requirements of 12% and 8%, respectively; and higher than a large number of global banks. On top of robust capital adequacy, UAE banks have limited overseas exposure, as resident assets count more than 85% of total assets, and they have no direct debt issued by peripheral Euro countries."
Alan Durrant, the Group Chief Investment Officer and General Manager of NBAD's Asset Management Group, delivered the presentation "Investing in Abu Dhabi: The Risks and Opportunities."
"Abu Dhabi, with its strategic location and rising significance, has indeed emerged as the center of global economic activity; therefore, an investment forum focused on Abu Dhabi provides a greatly needed platform to investors to share and discuss opportunities," said Michael Tomalin, the Group Chief Executive of NBAD. "NBAD is committed to be an enabler to make Abu Dhabi a global hub of commerce and culture this is why we staunchly support medium that highlight Abu Dhabi's influence and rising significance."
Since its inception in 1968, NBAD has played a significant and leading role in the economic development of the UAE. Sponsoring Abu Dhabi Investment Forum is a direct link to one of NBAD's sustainability objectives, which is to facilitate knowledge-sharing and enlightenment.
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