Abu Dhabi
Abu Dhabi Global Market (ADGM), the newly-created financial free zone in Abu Dhabi will have its own judicial system and legislative infrastructure under three independent ADGM authorities, its Chairman Ahmad Ali Mohamamad Al Sayegh said yesterday.
Speaking at an industry conference in the capital, Al Sayegh said there would be a registration bureau and a financial services regulation bureau, besides ADGM’s own court system.
“The formation of these authorities is currently underway. ADGM will include commodities trading, storage and transport, derivatives trading, custody, settlement, clearing, depository service, forex and wealth management,” Al Sayegh added.
He said the “timelines will not be dictated by specific dates but by a rather deliberate approach which will include over the next eight weeks a process for collaboration and consultations with local and international stakeholders on strategy and direction.”
Al Sayegh said the financial free zone is part of Abu Dhabi government’s long-term economic diversification plan to promote the emirate as a leading market for financial services and activity across the world.
