ADGM expands its operational and jurisdictional reach by the setting up of the ADGM Authority. Image Credit: Supplied

Dubai: The financial hub Abu Dhabi Global Market (ADGM) has set up the ‘ADGM Authority’ and appointed Mark Cutis as its new CEO.

The entity will drive “ADGM’s growth by leveraging the trends emerging across the international financial services sector and the developments associated with the post-pandemic world,” said the regulator in a statement. The key functions of the new authority will include: Office of Strategy and Business Development, Corporate Services, the Office of Information Security and Enterprise Risk Management.

Knows his way

Prior to ADGM, Cutis was Group Chief Financial Officer at ADNOC as well as Chief Adviser of Finance and Investments. Before ADNOC, he worked for 10 years at the sovereign wealth fund, Abu Dhabi Investment Council, which he had joined in March 2008.

Mark Cutis, CEO, Abu Dhabi Global Market (ADMG) Image Credit: Supplied

Cutis, who has more than 40 years of financial and investment experience in global banking and investment management, will assume his position on June 1. “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,” said Ahmed Al Sayegh, UAE Minister of State and Chairman of ADGM.

“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.”