Two years on from the establishment of the Abu Dhabi Global Market ("ADGM"), Abu Dhabi has confirmed plans to formally launch its eagerly awaited financial free zone later this year. The ADGM will be the first free zone in Abu Dhabi to construct its own legal and regulatory framework. Its initial focus will be on private banking, wealth management and asset management as Abu Dhabi looks to expand its financial services capability and diversify its oil-based economy by developing as an international financial centre.
Abu Dhabi's strong transport links and central location already attract businesses worldwide. However, companies operating out of the ADGM would be able to trade in commodities, currencies, securities and derivatives; to offer brokerage, settlement, clearing and depositary services; and to provide Islamic finance and other banking products and financial services. In the wake of the global financial crisis, many are optimistic at the prospects of foreign investment into the ADGM.
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