Abu Dhabi's new financial free zone said on Wednesday it has started operating with the acceptance and approval of financial services licence applications.
The Abu Dhabi Global Market (ADGM) has been launched as part of the emirate's bit to diversify its economy beyond oil and gas, while expanding its footprint in the Gulf's competitive financial services industry.
The launch follows the publication of the FSRA Rules, which establish the legislative and regulatory framework for financial services in ADGM.
Firms and individuals can now apply for the appropriate financial services licences to facilitate their local, regional and international expansion, a statement said.
It added that the new financial regulations and rules framework spans a variety of regulated financial services, including asset management, banking and insurance businesses.
Ahmed Ali Al Sayegh, chairman of ADGM, said: "Today marks an important achievement in our journey to develop ADGM, an international financial centre in the heart of the capital of the United Arab Emirates, a centre of wealth and a gateway to the growing economies of the region and beyond.
"We have been steadfast in our strategy of building an IFC based on collaboration and input from local, regional and international institutions to ensure that we offer a jurisdiction that provides businesses with what they need and want in order to grow and succeed."
He added: "As we look ahead, we will continue developing ADGM, with our courts' regulations currently in open market consultation phase and the announcement of our courts' judges to be made imminently."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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