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ADGM, Anaklia Special Economic Zone Forge Ties

by Lorys Charalambous, Lowtax.net, Cyprus
12 April, 2018

Abu Dhabi Global Market, the international financial center in Abu Dhabi, and Georgia's Anaklia Special Economic Zone (Anaklia SEZ), located on the Black Sea, have agreed to collaborate on initiatives to bolster growth in their respective financial markets.

In particular, they have agreed to formalize a framework to share expertise and information on banking, financial services, securities legislation, and regulation in both jurisdictions.

Keti Bochorishvili, CEO of Anaklia SEZ, welcomed the new agreement, which she said will allow Anaklia SEZ to leverage ADGM's expertise as it seeks to create a global development hub adjacent to the Anaklia Deep Sea Port, which is scheduled to open in 2020.

Richard Teng, CEO of ADGM, echoed these sentiments, saying that ADGM stands ready to support Anaklia SEZ, its financial institutions, and companies in expanding their growth and global footprints via ADGM's international platform.

ADGM is an international financial center established in 2013. It offers a range of attractive benefits to firms, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. ADGM permits 100 percent foreign ownership.

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