Abu Dhabi financial free zone regulator kicks off operations

Newly opened financial free zone Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE) said on Wednesday that its Financial Services Regulatory Authority (FSRA) starts operations on Wednesday, UAE state news agency WAM reported.

Firms and individuals can now apply for the appropriate financial services license, under an internationally recognizable legislative and regulatory framework, which facilitates their local, regional and international expansion.

The ADGM is located in Maryah Island in the UAE capital Abu Dhabi, which harbors around seven percent of the world's known oil reserves.

"Today marks an important achievement in our journey to develop ADGM, an international financial center in the heart of the capital of the UAE, a center of wealth and a gateway to the growing economies of the region and beyond," Ahmed Ali Al-Sayegh, chairman of ADGM, said.

Al-Sayegh said the center aims to attract a wide spectrum of financial institutions which will choose ADGM as their home.

"This will cement ADGM's global position and ensure we contribute to the global ecosystem of international markets and business networks," further said.

He added that ADGM, which was initiated by the Abu Dhabi government in 2013, offers a jurisdiction that provides businesses with what they need and want in order to grow and succeed.

The jurisdiction will have its own independent court and the legal framework will be based on British common law which enjoys the widest international acceptance.

The ADGM is the biggest financial free zone in the Middle East and is the second financial free zone in the UAE after Dubai International Financial Center (DIFC), which was founded in 2004. Endit