Abu Dhabi Free Zone Chooses Ex-DFSA Leadership
by Lorys Charalambous, Lowtax.net, Cyprus
21 February, 2014
The Abu Dhabi Global Market (ADGM), a financial free zone launched last year in the capital of the United Arab Emirates, has hired the former chief operating officer of the Dubai Financial Services Authority (DFSA), Jan Bladen, as executive adviser and program leader.
Bladen will initially be tasked with managing the establishment of the ADGM's three independent authorities: the registrar, the regulator, and the courts.
Ahmed Ali al-Sayegh, chairman of the ADGM, said: "[Bladen] is ideally suited to address our key priorities, which are to develop the legal, regulatory and operational platforms that will provide the foundation for the growth of The Global Market."
Plans for the ADGM were drafted in May last year. It is hoped that the free zone will grow into a leading financial marketplace, linking financial markets in the Far East and Europe. It will offer financial services such as banking and fund management, and will be focused on commodities trading.
The ADGM's offers zero income tax, both on income generated within the free zone and on repatriated profits, and exemption from custom duties for both imports and exports into the zone. 100 percent foreign ownership is also permitted.
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