Swiss banking model is ‘dead', says Abu Dhabi finance centre chief

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His comments come as the centre of gravity of such institutions has shifted palpably from west to east, and as Asia is developing its own bodies to rival those in the west, such as the China-led Asian Infrastructure Investment Bank.

ADGM, which will have its own regulator and courts based on English common law, is an attempt to diversify the UAE capital's economy. Its heavy-hitting sovereign wealth funds, the Abu Dhabi Investment Authority and Mubadala, are both close to the free zone built on Al Maryah island in the capital.