CFA Institute, the global association of investment management professionals, today confirmed its intent to open a CFA Institute office in the Middle East in 2018 at a Memorandum of Understanding (MoU) signing ceremony, in collaboration with Abu Dhabi Global Market (ADGM)
CFA Institute will work in close partnership with ADGM, the International Financial Centre in Abu Dhabi, to establish its new presence to advance the CFA Institute mission to lead the investment profession by promoting the highest standards of ethics, education and professional excellence for the ultimate benefit of society.
Both organisations will work together to explore new initiatives which strengthen the capabilities, proficiency and experience of financial professionals across the Middle East and North Africa (MENA), including but not limited to:
- The development of educational initiatives around the Global Investment Performance Standards (GIPS) and the Asset Manager Code (AMC).
- Contributing insights into relevant regulatory frameworks to strengthen the financial system
- Exploring opportunities which could contribute to the ADGM Knowledge Hub Initiative
- A data centre related to financial sector information and intelligence
The collaboration between CFA Institute and ADGM underscores the mutual commitment of both organisations to contribute to a growing international centre of excellence for knowledge in the Middle East and beyond. Upon opening, the new office will join London and Brussels as the third CFA Institute office serving Europe, the Middle East and Africa.
The Middle East and North Africa (MENA) region is a key market for CFA Institute, with over 5200 members and charterholders and eight societies . A total of 5773 candidates registered for the June 2017 CFA® Program exams across the MENA region, an increase of 8% over the prior year, with the greatest number of candidates in the United Arab Emirates (1909), Saudi Arabia (869) and Egypt (544).
The ADGM Knowledge Hub, established in May 2017, was created to meet the evolving educational requirements of the financial community in Abu Dhabi. It provides an open platform for ADGM to collaborate with its stakeholders and partners to attract and maintain a sustainable stream of talent which is vital to the long-term success of Abu Dhabi. As part of the Knowledge Hub, the ADGM Academy will provide a comprehensive curriculum of training and courses for the financial services industry.
Gary Baker, CFA, Managing Director for Europe, the Middle East and Africa, CFA Institute, commented:
“The signing of the MoU today brings us one step closer to opening our new MENA office in 2018. We have chosen Abu Dhabi as the centre from which we will work across the MENA region because the initiatives and objectives we hope to meet, in the pursuit of educational excellence and professionalism in the regional investment management industry, are complemented by the work ADGM carries out through the Knowledge Hub.”
Khalid Al Suwaidi, Chief Operating Officer, ADGM, and Board Member, ADGM Academy, said: “We are pleased to further our relationship with CFA Institute and welcome them to ADGM. The financial sector is an important enabler of economic growth, innovation and business opportunities for Abu Dhabi and the wider MENA region. We look forward to working closely with CFA Institute and key Abu Dhabi entities to provide a robust financial ecosystem and an environment which is conducive to nurturing and attracting more qualified professionals to meet the needs of the financial sector in the UAE. The collaboration with CFA Institute dovetails well with ADGM’s commitment to supporting Abu Dhabi’s plans in advancing an innovative and knowledge-based economy.”
Mohamed Al Hajeri, Executive Director, Human Resources Department, Abu Dhabi Investment Authority (ADIA), said: “ADIA is proud of its long-standing relationship with CFA Institute, an organisation with which we share a strong interest in promoting the technical skills, ethical behaviour and professional standards of finance professionals. We are very pleased to welcome CFA Institute to Abu Dhabi, and look forward to our continued collaboration in the future.”
Commenting on the establishment of the CFA Institute office in Abu Dhabi, Homaid Al Shimmari, Deputy Group CEO and Chief Human Capital and Corporate Officer, Mubadala Investment Company said: “At Mubadala, enrollment in the CFA Program has been an obligatory requirement for our analysts since 2006. More than 150 analysts have gone through the CFA Program at various levels, delivering a significant boost to our human capital at Mubadala. I am confident that the CFA Institute decision to choose ADGM as a location for its physical presence will encourage more candidates to register for the CFA Program, especially as young professionals recognise the value of obtaining the CFA designation in help them advance their careers. This, in turn, will further enhance the skills and expertise of investment management professionals in the UAE’s financial services sector.”