Dubai: The World Bank will establish an office in Abu Dhabi Global Market, after it signed an agreement to do so on Tuesday during the World Government Summit.

The new bureau will serve as the World Bank’s platform in the UAE and will exercise its full functions including the facilitation of research on relevant policy issues, providing technical assistance to local governments, and supporting initiatives that increase shared prosperity.

Obaid Humaid Al Tayer, the UAE’s minister of finance, said the UAE will continue to work with similar authorities and organisations to share knowledge and promote innovative solutions to address the needs of the region.

“As a global business hub and corporate citizen, the UAE can relate to the World Bank Group’s commitment to create sustainable economic growth and improve the well-being and livelihood of the communities across developing countries,” he said in a statement.