The National Bank of Abu Dhabi’s (NBAD) Group Chief Executive Officer, Alex Thursby will present Abu Dhabi’s strategic advantages as a conduit and enabler of trade and commerce across a rising ‘Super Region’ stretching from West Africa to East Asia at the fifth Abu Dhabi Investment Forum (ADIF) to be held tomorrow (Wednesday May 21st) in London.
ADIF will take place at the Hilton Hotel on Park Lane in London, United Kingdom. The event is organised by Institutional Investor, in partnership with the Abu Dhabi Department of Economic Development and supported by UK Trade and Investment (UKTI), the government department that helps UK-based companies in the global economy.
In his presentation at the conference, Mr. Thursby will present NBAD’s West-East Corridor strategy, where the bank aims to benefit from NBAD’s strong fundamentals the UAEs strategic location to tap into the growing economies that span from the West of Africa across to East Asia. The ‘Corridor’ includes increasingly important economies in MENA, the Indian Subcontinent, Southeast Asia and greater China. This region represents vast potentials with significant natural resources, growing economic activities, and an emerging middle class.
“Economic and other data clearly shows what we have is a ‘super region’ and show that the opportunities growing in trade, commerce and investment flow across the West-East Corridor are astounding,” says Mr. Thursby.
NBAD is a lead sponsor of the Abu Dhabi Investment Forum 2014, which starts tomorrow in London. The annual conference allows Abu Dhabi's key industry leaders, financial intermediaries and high-profile government officials to present to a global audience the Emirate’s wealth of investment opportunities.
“The UAE enjoys a free, open, and dynamic economy. It is the 2nd largest economy in the Arab world, 29th largest GDP in the world, and is bigger than other great commercial hubs of comparable fundamentals. Events such as the Abu Dhabi Investment Forum highlight unique investment opportunities available in the UAE,” says Mr. Thursby.
A phenomenon of the West-East Corridor is the growth and concentration of mega cities, metropolises with over 10 million inhabitants which offer a significant contribution to GDP growth and an increasing middle class. In the next10 to 20 years nearly 20 mega cities will emerge in this area, such as Lagos, Jakarta and Guangzhou, most of which will complement Tokyo and Cairo and rival Paris, London and New York.
Within this context, NBAD’s five year strategy – 2013/18 pursues growth by: 1) building the largest, safest and best performing bank in the UAE and overtime in GCC; 2) deepening wholesale network across the West-East Corridor and integrate the bank’s European and North American platforms into this network; 3) building five international bank branches in the largest and fastest growing economies in the West-East Corridor.