Financial hub to accept tenants today
their activities with minimum constraints. So it boils down to how smart they organise the regulatory frame work to comply with the different rules and regulations but at the same time give flexibility,” he said.
The consultant said there are a number of companies, who are discussing to move there.
Dhaher bin Dhaher Almheiri, CEO of ADGM’s Registration Authority, said: “This is the first in a series of licensing phases, which will be announced in the coming months. Our primary focus at this stage is on existing Al Maryah Island tenants.”
“Over the past few weeks, we have reached out to them, met with them and spoken to them to ensure that they are fully aware of our activities and our service offering, that they understand the registration and licensing process and requirements and also understand the options available to them.”
He added: “Our business development team will continue to work closely with tenants and will guide them during this transitional period in line with our commitment to making this as easy an experience as possible.”
Sunday’s announcement follows the signing of an MoU last month between ADGM and the Abu Dhabi Department of Economic Development that covered a wide variety of aspects including: the registration and protection of company names and licences, both onshore and within ADGM; developing the process for transferring and renewing the trade licences of those companies already operating in Al Maryah Island; and establishing a mechanism to cooperate wherever they may need to in the future.
The Abu Dhabi Global Market is located in Abu Dhabi’s central business district on Al Maryah Island and supports the development of Abu Dhabi’s financial services sector, an important element of Abu Dhabi Economic Vision 2030.
Abu Dhabi Global Market will offer a legal system based on a legislative framework that is aligned with international financial services standards. Legislation has been drafted with input from international financial institutions and industry bodies in the UAE and capital markets globally.