Abu Dhabi opens world's newest financial centre
The international financial centre Abu Dhabi Global Market (ADGM) is officially open for business. Companies and individuals can now apply for the appropriate financial services licences, under an internationally recognisable legislative and regulatory framework, that facilitates their local, regional and international expansion.
The framework is comprehensive in scope, spanning a variety of regulated financial services, including asset management, banking and insurance businesses. The regulations also include requirements to safeguard the interests of the marketplace, market infrastructure system, market conduct rules, and ADGM’s enforcement powers and disciplinary actions.
Ahmed Ali Al Sayegh, Chairman of ADGM, said: "Today marks an important achievement in our journey to develop ADGM, an international financial centre in the heart of the capital of the United Arab Emirates, a centre of wealth and a gateway to the growing economies of the region and beyond. We have been steadfast in our strategy of building an IFC based on collaboration and input from local, regional and international institutions to ensure that we offer a jurisdiction that provides businesses with what they need and want in order to grow and succeed."
Richard Teng, CEO of ADGM’s Financial Services Regulatory Authority, added: “The FSRA team is excited and looks forward to welcoming financial services firms who wish to establish their presence and fulfil their business growth in this market and region. As a market regulator, FSRA understands that businesses wish to operate within a trusted financial infrastructure that is anchored by clear, transparent and business-oriented regulations and rules of international standards. In our increasingly borderless business environment, companies and investors can be assured that FSRA is committed to maintaining the fairness and robustness of the ADGM financial system, which fosters business innovation and sustainable growth. This is just the beginning of the journey and we will be here for our companies and investors for the long haul.”