Success awaits Abu Dhabi Global Market

Author: Danielle Myles | Published: 27 Aug 2015
The new financial centre will be based on Al Maryah Island

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 ambitions.

"Leveraging its three anchor sectors, private banking, wealth management and asset management,...