UAE Launches New Financial Free Zone in Abu Dhabi

more+
less-

The federal government of the United Arab Emirates (“UAE”) has issued legislation establishing a new financial free zone in Abu Dhabi. The name of the new free zone, “Global Marketplace Abu Dhabi” (“GMAD”), serves as a statement of Abu Dhabi’s ambition for this new free zone to act as a hub for financial services.

GMAD will be based on Al Maryah Island in Abu Dhabi but will be subject to a new regulatory framework and judicial system separate to that otherwise applicable in the UAE, a move that has led to widespread comparisons with the Dubai International Financial Centre (“DIFC”) and other financial free zones in the Gulf.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: General Business Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© K&L Gates LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »