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The strategy for the Abu Dhabi Global Market (ADGM) financial freezone will be revealed by end of this year after its authorities finish consulting with local and foreign investors
According to UAE daily The National, ADGM chairman Ahmed Ali Mohamed al Sayegh said that while authorities are finalising a strategy, there was no fixed timeline for the formation of the financial freezone. He also did not reveal who the stakeholders in the project are.
Early this year, a government decree was announced to establish a freezone dedicated to financial services companies in the Al Maryah island. ADGM will have businesses like commodities traders, storage and transport providers, derivatives traders, foreign exchanges and wealth management firms. It would reportedly house 30,000 residents and with over 75,000 employees.
The ADGM is expected to compliment the Dubai International Financial Centre (DIFC), The National reported.
“We are working on forming the Registration Bureau, the Financial Services Regulations Bureau and the Courts,” said al Sayegh.
He added that the ADGM would be an important centre for educating and training young UAE nationals, stating, “It would be a place where young people can learn best practices and eager university graduates can build their network and contacts.”