ADGM Signs MoU With Abu Dhabi Bourse
by Lorys Charalambous, Lowtax.net, Cyprus
25 July, 2016
The Abu Dhabi Global Market, a free trade zone in the United Arab Emirates, signed a Memorandum of Understanding with the Abu Dhabi Securities Market on July 24, 2016.
Under the MoU the two parties will jointly develop financial products and services that will boost investment and economic growth in Abu Dhabi, ADGM said.
Following the signing of the MoU, Ahmed Al Sayegh, Chairman of ADGM, said: "As an international financial center, we are committed to provide a sustainable business and financial ecosystem that will continually draw leading companies and healthy investments into our marketplace and support financial and non-financial entities in Abu Dhabi and the UAE to thrive."
The ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.
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