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Abu Dhabi Tax-Free Zone To Focus On Fintech

by Lorys Charalambous, Tax-News.com, Cyprus

11 March 2016


The Abu Dhabi Global Market (ADGM), a new free zone in the United Arab Emirates (UAE), aims to become a regional hub for financial technology, or "fintech," its chairperson, Ahmed Al Sayegh, said during the Global Financial Markets Forum 2016.

Al Sayegh said that investment in the global fintech sector grew three-fold between 2008 and 2014, reaching USD3bn, and could double again by 2018. "However, presently we have not seen deeply established fintech ecosystems among the Gulf Cooperation Council (GCC) countries."

The chairman said that the ADGM is committed to working with key stakeholders to develop an environment that fosters the fintech sector in Abu Dhabi.

During his speech, Al Sayegh also highlighted some of the recent developments at the ADGM. These include its Financial Services Regulatory Authority being recognized as a member of the International Organisation of Securities Commissions, the International Association of Insurance Supervisors, and the Basel Consultative Group of the Basel Committee on Banking Supervision.

The ADGM became fully operational in October 2015. It offers firms a number of benefits, including exemption from taxes guaranteed for 50 years and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.

TAGS: United Arab Emirates | environment | Insurance | tax | investment | tax incentives | export duty | international financial centres (IFC) | tax breaks | import duty | International Organisation | Gulf Cooperation Council | trade | free trade zone | Banking

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