Abu Dhabi Global Market licenses 160 firms

Published October 24th, 2016 - 10:00 GMT
A large pool of companies in the non-financial category has also made ADGM their home base, including law firms, professional and corporate service providers and family offices. (File photo)
A large pool of companies in the non-financial category has also made ADGM their home base, including law firms, professional and corporate service providers and family offices. (File photo)

Abu Dhabi's financial centre Abu Dhabi Global Market, or ADGM, has registered and granted licences to 160 companies from a range of industries and sectors.

The financial free zone, which has completed its first year of operation, said the group of first movers comprises financial, non-financial and retail businesses.

In line with ADGM's strategy of fostering a broad based, thriving and sustainable business community, a large pool of companies in the non-financial category has made ADGM their home base include the law firms, professional and corporate service providers and family offices.

In other key sectors, real estate, investment and holding companies seeking to be close to the region's business and growth opportunities are also among those who have also chosen ADGM as their hub. Adding to the dynamic mix is a sizable group of retail and hospitality businesses catering to the needs of the financial free zone. This achievement sets another new milestone in ADGM delivering on its ambition to support Abu Dhabi's economic plan and long-term growth.

The varied consortium of well-established local family businesses and international companies registered with ADGM is testament to the free zone's commitment to being an open, trusted and well-regulated financial and commercial hub, designed to serve the financial needs of Abu Dhabi and the UAE, said Dhaher bin Dhaher, chief executive officer of ADGM's Registration Authority. Given its central location, retail businesses increasingly value Al Maryah Island as a highly attractive base and location for sustainable growth.

In making a choice, many companies have attributed the ease of doing business, level of efficiency, a comprehensive range of business offerings and investment vehicles, and adoption of the entirety of common law in legislative framework as some of the fundamental reasons for being attracted to ADGM

The financial zone has established a significant presence in the local and international business and financial regulatory scenes.

ADGM understands what businesses want and has been meticulous in developing a conducive ecosystem that enables local businesses to thrive, regional companies to expand their presence and global entities to access the growth opportunities in the region.

Dhaher says ADGM has been focused on creating a business-friendly and sustainable eco-system where local companies and international entities can grow together. "Through ADGM, businesses have access to and can conduct a wide range of activities to bolster their growth. We also have a supportive framework that meets the needs and requirements of family businesses by safeguarding their assets," added Dhaher.

Numerous family businesses and individual companies have also set up in ADGM as it provides a supportive framework which allows them to manage family interests and safeguard their assets in the most efficient manner.

He highlighted, "Our registration process is efficient and straightforward. In some cases, we are able to issue licenses to companies within 48 hours of receiving their business registration."

By Haseeb Haider

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