ADGM attracts over 180 companies, says chairman

Thursday, Nov 17, 2016

Abu Dhabi: Abu Dhabi Global Market (ADGM) has attracted more than 180 local and international companies to set up their shop in the new financial free zone since it opened a year ago and continues to process more financial service licences, according to the chairman of Abu Dhabi’s new international financial centre.

“We have successfully approved 13 financial services licence applications and are currently processing another 13,” said Ahmad Ali Al Sayegh, while addressing a large gathering of Indian businessmen and professionals in Abu Dhabi on Wednesday evening.

The latest company to join ADGM is the globally recognised $4 billion fund manager, Aberdeen Asset Management, which opened its regional hub this week, marking its first ever presence 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, foreign exchange and capital markets.”

ADGM fully opened for business in October last year to support the Abu Dhabi Economic Vision of developing a diversified and sustainable economy.

The new international financial centre extends over an area of 114 hectares of Al Maryah Island with three independent authorities overseeing all activities including Registration Authority, Financial Services Regulatory Authority and ADGM courts.

Entities can set up companies, partnerships, trusts, special-purpose vehicles, family offices, collective investment schemes in the centre.

Earlier this month, ADGM launched the first Fintech Regulatory Laboratory (RegLab) in the Mena (Middle East and North Africa) region to enable Fintech companies to address the needs of financial institutions in the UAE and others parts of the region.

Speaking about ADGM’s endeavour to attract Indian companies, he said a senior ADGM team recently conducted a 10-day roadshow in India in cooperation with the Confederation of Indian Industry (CII) and the Institute of Chartered Accountants of India (ICAI), and that many companies showed interest in setting up their offices.

“The Registration Authority team met with hundreds of Indian business leaders representing a broad range of sectors such as financial services, professional consultancies, Fintech, technology and others. They were excited about the growth opportunities in Abu Dhabi and related to the synergies between the two markets,” he said.

The president of Indian Business and Professional Group, Y Sudhir Kumar Shetty, said many banking and non-banking institutions from India can look to ADGM to set up their offices due to favourable business environment and closer proximity to key markets in the region.

“ADGM is a very good platform for financial companies to operate. We expect more Indian companies to be present in the financial centre in future as ties grow between the two countries,” he said.

By Fareed Rahman Senior Reporter