Abu Dhabi Global Market
The Abu Dhabi global market (ADGM) is an International Financial Free Zone, which is governed by three independent authorities. They include the Financial Services Regulatory Authority (FSRA), the Registration Authority (RA) and ADGM courts. It is one of the most trusted financial centres in the country. This choice has provided the businesses, yet another lucrative opportunity. Abu Dhabi – the capital of the country – is the largest of the seven Emirates, contributing two third of the total UAE economy. In recent years, Abu Dhabi has matured into a robust financial hub. A few years ago, the Abu Dhabi government realized that there is global interest in operating under a dedicated free zone umbrella and hence, introduced their first financial free zone, known as Abu Dhabi Global Market. The step helped UAE government to compliment the business infrastructure and supported in diversifying the economy. ADGM is located within Al Marayh Island and has an independent set of rules and regulations. It’s an independent free zone jurisdiction. The Abu Dhabi government is soon going to open an Arbitration Centre to create an environment that enables the businesses to conduct operations with confidence and ease.
ADGM is primarily designed to be a diversified financial hub for local, regional and international institutions. Importantly, the business entities established under the ADGM can have 100 percent foreign ownership. These establishments are subject to a civil law, similar to that of the United Kingdom (UK laws). According to the Registrar, its function involve the registration and licensing of the ADGM establishments including the companies, partnerships and branches. The registrar is also authorized to receive notifications of change in particulars in an ADGM establishments. According to the powers to the Registrar, the office is also responsible for monitoring compliance under the ADGM commercial legislation. The FSRA is accountable for a stable financial system.