Abu Dhabi Global Market
Abu Dhabi, the largest emirate in the United Arab Emirates, has established the Abu Dhabi Global Market (‘ADGM’) as a new international financial free trade zone to connect the economies of the Middle East, Africa and South Asia with world markets.
On 7 January 2015, ADGM released six consultation papers on the proposed legal regime to apply within the free zone, following consultation with a panel of leading international financial institutions. Ranging from Company Regulations to Insolvency Regulations, the consultations are the first step in what will be an extensive and ongoing consultation process with the aim of ensuring that all activities in the free zone are regulated to the highest international standards.
This alert examines some of the key features of the proposed legal and regulatory environment in ADGM and compares these with the Dubai International Financial Centre in Dubai.