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New Abu Dhabi Free Zone To Launch In 2015

by Lorys Charalambous,, Cyprus

15 December 2014

Abu Dhabi Global Market (ADGM), a new international financial center in the United Arab Emirates (UAE), announced on December 10, 2014, that it has formed an expert panel of 16 leading financial institutions to support the development of a draft regulatory framework to govern institutions licensed to operate from ADGM.

The panel includes senior representatives from National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank, Mubadala Development Company, ADS Securities, Goldman Sachs, JP Morgan, HSBC, and Standard Chartered, among others.

Ahmed Ali Al Sayegh, Chairman of ADGM, said: "The Pre Open Market Consultation process is a major step in preparing Abu Dhabi Global Market to receive its first license applications from financial institutions in 2015. Consultation and collaboration are at the core of ADGM's ambition to become a global financial center, and we are delighted to be working with our panel of renowned global financial institutions to ensure that, when ADGM launches, it will offer a regulatory regime that provides maximum support and protection for business and is also completely compatible with the leading financial centers in the world."

ADGM aims to become a broad-based financial services center which will focus on asset management, private banking, and wealth management during the first phase of its establishment. It will provide firms with a number of benefits, including exemption from taxes guaranteed for 50 years, relaxed rules on the repatriation of profits, exemption from import duties, and allow 100 percent foreign ownership.

TAGS: United Arab Emirates | tax | investment | business | banking | financial services | international financial centres (IFC) | corporation tax | offshore | import duty | standards | trade | free trade zone | services

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