Abu Dhabi (Arabic: Abu Dhabi), literally Father of Gazelle,[3] is the capital and the second largest city

of the United Arab Emirates in terms of population and the largest of the seven member emirates of the United Arab Emirates. Abu Dhabi lies on a T-shaped island jutting into the Persian Gulf from the central western coast. The city proper had an estimated population of 896,800 in 2009.[4] Abu Dhabi houses important offices of the federal government, and is the seat for theUnited Arab Emirates Government and the home for the Abu Dhabi Emiri Family and the President of the UAE from this family. Abu Dhabi has grown to be a cosmopolitanmetropolis. Its rapid development and urbanisation, coupled with the relatively high average income of its population, has transformed Abu Dhabi to a larger and advanced metropolis. Today the city is the country's center of political, industrial activities, and a major cultural, and commercial centre due to its position as the capital. Abu Dhabi alone generated 56.7% of the GDP of the United Arab Emirates in 2008.[5][6] Abu Dhabi is home to important financial institutions such as the Abu Dhabi Securities Exchange, the Central Bank of the United Arab Emirates and the corporate headquarters of many companies and numerous multinational corporations. One of the world's largest producers of oil, Abu Dhabi has actively attempted to diversify its economy in recent years through investments in financial services and tourism. Abu Dhabi is the second most expensive city for expatriate employees in the region, and 50th most expensive city in the world.[7] Fortune magazine & CNN stated that Abu Dhabi is the richest city in the world.[8]

History
[edit]Early

Civilizations

Abu Dhabi is full of archeological evidence pointing to civilizations having been located there from the 3rd millennium BCE. Settlements were also found further out of the modern city of Abu Dhabi but close to the modern city of Al Ain. There is evidence of civilizations around the mountain of Hafeet (Jebel Hafeet). This location is very strategic because it is the UAEs second tallest mountain so it

would have great visibility and it contains a lot of moisture in the form of springs and lakes today, which means there would have been even more back thousands of years ago.[9] [edit]Origins

of the Al Nahyan Family

The Bani Yas Bedouin tribe made their civilization off the coast of the Persian Gulf in the 16th century due to the discovery of fresh water. This tribe was the most significant in the area, having over 20 subsections. The tribe was originally centered in the Liwa Oasis but the Al Bu Falah subsection migrated to modern Abu Dhabi in 1793. One section within this subsection was named the Al Nahyan Family. This family makes up the rulers of Abu Dhabi today.[10] [edit]Pearl

Trade

Abu Dhabi worked in the pearl business and traded with others. According to a source about pearling the Persian Gulf was the best location for pearls. Pearl divers dove for one to one-and-a-half minutes, and would have dived up to thirty times per day. There were no oxygen tanks and any other sort of mechanical device was forbidden. The divers had a leather nose clip and leather coverings on their fingers and big toes to protect them while they searched for oysters.[11] The divers were not paid for a days work but received a portion of the seasons

First Oil Discoveries

In the 1930s, as the pearl trade declined, interest grew in the oil possibilities of the region. On 5 January 1936, Petroleum Development (Trucial Coast) Ltd (PDTC), an associate company of the Iraq Petroleum Company, entered into a concession agreement with the ruler, Sheikh Shakhbut bin Sultan al Nahyan, to explore for oil. This was followed by a seventy-five-year concession signed in January 1939. However, owing to the desert terrain, inland exploration was fraught with difficulties. In 1953, D'Arcy Exploration Company, the exploration arm of British Petroleum, obtained an offshore concession which was then transferred to a company created to operate the concession: Abu Dhabi Marine Areas (ADMA) was a joint venture between BP and Compagnie Franaise des Ptroles (later Total). In 1958, using a marine drilling platform, the ADMA Enterprise, oil was struck in the Umm Shaif field at a depth of about 8,755 feet

(2,669 m). This was followed in 1959 by PDTCs onshore discovery well at Murban No.3.[13] In 1962, the company discovered the Bu Hasa field and ADMA followed in 1965 with the discovery of the Zakum offshore field. Today, in addition to the oil fields mentioned, the main producing fields onshore are Asab, Sahil and Shah, and offshore are al-Bunduq, and Abu al-Bukhoosh.[13]

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CORPORATE GOVERANCE
Abu Dhabi Commercial Bank believes in, and is committed to, good corporate governance, to provide a basis for its future development and corporate performance, to support trust in its activities as a recipient of depositors funds and shareholders capital, and to enable it to contribute to the successful development of the financial system of Abu Dhabi.

The guiding principles of the Banks corporate governance policies are fourfold:
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Responsibility - the clear division and delegation of authority. Accountability - in the relationships between the banks management and the board, and between the board and the shareholders and other stakeholders. Transparency - and disclosure to enable stakeholders to assess the banks financial performance and condition. Fairness - in the treatment of all stakeholders.