ADGM delivering on its ambition
and setting the foundation for sustained long term growth
20 October 2016 (Abu Dhabi, UAE): Abu Dhabi Global Market (“ADGM”),
the international financial centre in Abu Dhabi, is pleased to register and
license close to 160 companies from a broad range of industries and sectors in
its first year of operations. This achievement sets another new milestone in
ADGM delivering on its ambition to support Abu Dhabi’s economic plan and
long-term growth. The varied consortium of well-established local
family businesses and international companies registered with ADGM is testament
to the free zone’s commitment to being an open, trusted and well-regulated
financial and commercial hub, designed to serve the financial needs of Abu
Dhabi and the UAE.
A Vibrant Group of Businesses and Companies in the financial free zone
The
group of first movers into ADGM comprises financial, non-financial and retail
businesses. In line with ADGM’s strategy of fostering a broad based, thriving
and sustainable business community, a large pool of companies in the
non-financial category has made ADGM their home base include the law firms,
professional and corporate service providers and family offices. In other key
sectors, real estate, investment and holding companies seeking to be close to
the region’s business and growth opportunities are also among those who have
also chosen ADGM as their hub. Adding to the dynamic mix is a sizable
group of retail and hospitality businesses catering to the needs of the
financial free zone. Given its central location, retail businesses increasingly
value Al Maryah Island as a highly attractive base and location for sustainable
growth.
ADGM Provides a Conducive and Sustainable Business Platform &
Environment
In
making a choice, many companies have attributed the ease of doing business,
level of efficiency, a comprehensive range of business offerings and investment
vehicles, and adoption of the entirety of common law in legislative framework
as some of the fundamental reasons for being attracted to ADGM.
As the UAE’s new International Financial Centre,
ADGM has established a significant presence in the local and international
business and financial regulatory scenes. ADGM understands what
businesses wants and has been meticulous in developing a conducive ecosystem
that enables local businesses
to thrive, regional companies to expand their presence and global entities to
access the growth opportunities in the region.
Mr
Dhaher Bin Dhaher, Chief Executive Officer of ADGM‘s Registration
Authority says: “As a broad-based financial centre, ADGM has been focused on
creating a business-friendly and sustainable eco-system where local companies
and international entities can grow together. We remain relevant and
responsive to the needs of our market by maintaining a dynamic platform and
safeguarding the best interests of our registered companies and stakeholders.”
“Through
ADGM, businesses have access to and can conduct a wide range of activities to
bolster their growth. We also have a supportive framework that meet the needs
and requirements of family businesses by safeguarding their assets,” added Mr
Dhaher. Numerous family businesses and individual companies
have also set up in ADGM as it provides a supportive framework which allows
them to manage family interests and safeguard their assets in the most efficient
manner.
He
highlighted, “Our registration process is efficient and straightforward. In
some cases, we are able to issue licenses to companies within 48 hours of
receiving their business registration. Our fully digitised platform and robust
and supportive on-boarding services ensure a hassle-free transition for
companies and their employees who want to attain a licence with the ADGM. This
also part of our on-going commitment to deliver valuable client experience for
ADGM companies and partners as an IFC.”
“We
believe in building an ecosystem with a strong legal framework and courts
system and getting it right from the very start. We are pleased that so many
businesses from diverse industries see and understand the future of the ADGM
and significance of being part of the growth story of Abu Dhabi,” added Mr
Dhaher.Fostering Greater Partnerships and Enabling Growth
ADGM
will continue to work closely with key stakeholders to review opportunities and
develop new synergies to attract more local and global brand names to Al Maryah
Island. ADGM will also increase efforts to heighten its profile as an
international financial centre that offers exciting lifestyle and commercial
activities on offer.
As
ADGM moves into its second year of operation, it remains committed to providing
an efficient and sustainable platform for local companies to become regional
and global champions. ADGM will also further its dedication to support
financial institutions in establishing their operations in Abu Dhabi and fulfil
their expansion ambitions in Middle East, Africa, South Asia and beyond.
