A new authority has been established to drive growth in Abu Dhabi Global Market (ADGM), the international financial centre in the UAE capital.
The board of ADGM has approved the establishment of the ADGM Authority which will be led by Mark Nicholas Cutis as its CEO, who will assume his position on June 1.
He was previously a senior executive at Abu Dhabi National Oil Company (ADNOC).
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, a statement said.
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 (pictured below), Minister of State (UAE) and chairman of ADGM, said: “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.”
On his new role, Cutis said: “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.”
Prior to ADGM, Cutis was the group chief financial officer at ADNOC as well as being chief adviser of finance and investments. Before ADNOC, he worked for 10 years at the sovereign wealth fund, Abu Dhabi Investment Council.
ADGM marked its fifth year of operations in October 2020.
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