Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has recorded more than three-fold increase in total number of registered companies and financial institutions from a broad range of industries and sectors in its second year of operations.
To-date, ADGM has welcomed about 550 registered companies, a 360 per cent increase as compared to year before. In the first half of 2017, ADGM licensed 40 per cent more new companies.
The influx of well-established local family businesses, international financial institutions, funds, and professional and corporate service providers is testament to ADGM’s commitment to providing an open and well-regulated financial hub, designed to serve the business and financial needs of Abu Dhabi and the UAE, said a statement.
As a broad-based IFC, ADGM has been recognised in providing industry with the ease of doing business, consistently high level of efficiency, a unique and comprehensive range of corporate and investment vehicles, and the full application of the English common law in its legislative framework.
ADGM’s globally benchmarked special purpose vehicle (SPV) regime has incorporated over 200 companies in the first 12 months of operations. It has been used to structure major aircraft and shipping transactions and served to establish regional offices for various aviation businesses. ADGM’s newly launched Foundations regime continues to garner keen interests and positive support from the local and corporate community for effective structures for wealth preservation and wealth management.
Dhaher Bin Dhaher, Chief Executive Officer of ADGM‘s Registration Authority, said: “We would like to thank all our registered companies and stakeholders for their continued trust in ADGM and our strategic platform as an IFC. In the last 12 months, we saw a jump in corporate entities, family businesses, financial firms to professional services establishing their regional base at ADGM and planning for their future. We will continue to introduce new initiatives for the benefit of our registered members and work closely with the relevant authorities to address the evolving business needs of our community and Abu Dhabi.”
Meanwhile, ADGM was honoured with the 2017 Qadat Al Tagheer Award and recognised as the “International Financial Centre of the Year” by the UAE-India business community for its achievements and contributions in facilitating trade relations and opportunities between the two countries. This award was given at the opening day of the third UAE-India Economic Forum recently. – TradeArabia News Service