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Abu Dhabi’s answer to Dubai’s Dubai International Financial Centre (DIFC) will soon rise on fast-becoming-a-popular-business-destination Al Maryah Island, the capital’s Central Business District.
The Abu Dhabi Global Market, when completed, is earmarked to become the center of financial transactions in the region and the world in general. The financial hub will set up three bodies – registrar, regulator and courts – that will serve to complement each other to “provide the strong foundation for future business.” Recently, it signed a memorandum of agreement with the Central Bank, which is geared towards achieving recognition from financial regulators across the world.
The financial free zone will provide the necessary infrastructure for businesses to thrive in a cutthroat environment. It is expected to host local and global corporations in the fields of funds and fund management, securities and foreign exchange trading and broking, banking and financial services, insurance and reinsurance, accounting and legal services, commodities trading, and other related fields.
According to a report, companies that will be established at the free zone can be fully owned by expats and that they will be granted a 50-year tax exemption on profits. They will also enjoy the usual free zone benefits of customs duty exemptions, among others.
Investors are predicted to train their eyes on the ADGM and the whole Al Maryah Island for new office space supply. A recent Jones Lang LaSalle report revealed that businesses’ key focus will be on new office space in emerging, government-supported free zones such as the upcoming financial hub, twofour54, Khalifa Industrial Zone Abu Dhabi (Kizad), Masdar City and the Abu Dhabi Airport Business City.
The ADGM is expected to make a huge contribution to the advancement of the capital’s financial services sector, and to boost its economy as well.
• Abu Dhabi Global Market earmarked to be a global financial hub
• It is expected to host various corporations into the finance industry
• Businesses there will get a 50-year tax exemption on profits
Source: Ellen Joyce Soriano, Special to Properties
The writer is a freelancer