financial centre will be based on Al Maryah
As the Abu
Dhabi Global Market’s (ADGM) operational
launch draws closer, its prospects of becoming a world class
asset management hub become stronger.
Through careful planning, the new financial centre
located on Al Maryah Island has shrugged off early concerns
about competition from the well-established Dubai International Financial Centre (DIFC).
By directly adopting – rather than
codifying – English common law, and cherry-picking
regulatory processes and standards from around the world, ADGM
is creating the certainty sought by global financial firms.
Its director of strategy and
business planning, Steve Barnett told IFLR
that ADGM expects to start receiving applications from these
firms in the fourth quarter of 2015.
He confirmed market
expectations that the financial free zone would concentrate on
funds and private banking, but highlighted its broader
"Leveraging its three anchor sectors, private banking,
wealth management and asset management,...