Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, has issued on 11
February 2013 a federal decree bearing no. 15 of 2013 establishing a new
financial free zone in the emirate of Abu Dhabi. The decree, which was
published in the official gazette on 19 April 2013, consists of two articles
only and provides that the name of the free zone shall be "Abu Dhabi Global
Market" (as translated from the Arabic decree).
The next day, the UAE Cabinet issued resolution no. 4 of 2013 demarcating
the free zone area situated on Al Maryah Island (formerly Sowwah Island) in
the emirate. Abu Dhabi laws and regulations completing the legal framework
for the administration and the conduct of business in the free zone are
expected to be issued in the near future. We understand that Abu Dhabi
Global Market will aim to become a full-service financial centre,
potentially competing with other financial hubs locally and internationally
in attracting financial institutions and service companies.
