Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, has issued on 11 February 2013 a federal decree bearing no. 15 of 2013 establishing a new financial free zone in the emirate of Abu Dhabi. The decree, which was published in the official gazette on 19 April 2013, consists of two articles only and provides that the name of the free zone shall be "Abu Dhabi Global Market" (as translated from the Arabic decree).
The next day, the UAE Cabinet issued resolution no. 4 of 2013 demarcating the free zone area situated on Al Maryah Island (formerly Sowwah Island) in the emirate. Abu Dhabi laws and regulations completing the legal framework for the administration and the conduct of business in the free zone are expected to be issued in the near future. We understand that Abu Dhabi Global Market will aim to become a full-service financial centre, potentially competing with other financial hubs locally and internationally in attracting financial institutions and service companies.
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