The arrival of a new private financing platform in the UAE to support start-ups, private enterprises and SMEs will give a huge boost to “key engines of the country’s economic growth”, a legal expert said Sunday.

Zisha Rizvi, Partner at STA Law Firm, said the lead taken by the Abu Dhabi Global Market (ADGM) is a vital move to ensure the continued growth of crowdfunding, which can mean the difference between business success and failure for SMEs.

The ADGM, an international financial center in Abu Dhabi, last month launched its framework for the regulation of online Private Financing Platforms (PFPs) for non-public companies, with the aim to reduce the risk of obtaining financial support from crowdfunding.