According to the chairman of Abu Dhabi’s new international financial centre, the Abu Dhabi Global Market (ADGM) has attracted more than 180 local and international companies to set up their shop in the novel financial free zone. The financial free zone also continues to process more financial service licences since it opened, a year ago.
“We have successfully approved 13 financial services licence applications and are currently processing another 13,” said Ahmad Ali Al Sayegh, at a meeting on Wednesday with Indian businessmen and professionals in Abu Dhabi.
Aberdeen Asset Management-AAM (the $4 billion fund manager) is the latest company to join the ADGM. AAM opened its regional hub this week and that marks their first appearance in the Middle East.
“We are in a fast-growing region where the Middle East, Africa, India and Asia remain the key growth engines for the next few decades. The strong macroeconomic fundamentals will create huge demand for financial intermediation and services such as corporate banking, treasury services, and foreign exchange and capital markets” Ahmad Ali Al Sayegh.
ADGM opened for operations October last year and their existence was to support the Abu Dhabi Economic Vision which centres on developing a diversified and sustainable economy.
The international financial centre is located at Al Maryah Island and extends over an area of 114 hectares. It also has three independent authorities overseeing all activities as well as a Registration Authority, ADGM courts, Financial Services Regulatory Authority.