Abu Dhabi Global Market

Abu Dhabi Global Market

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ABOUT ABU DHABI

Abu Dhabi, the largest among the seven emirates, is the capital and the seat of government of the United Arab Emirates. Abu Dhabi accounts for two thirds of the approximately $400 billion of UAE’s economy and owns 9% of the world’s proven oil reserves and 5% of the world’s gas reserves. Abu Dhabi also accounts for 60% of the UAE’s investable wealth and 75% of the UAE’s total assets under management. Today Abu Dhabi has a robust and sophisticated financial services sector with highly capitalised banks, a large concentration of institutional and private wealth and several of the world’s largest Sovereign Wealth Funds.
Long-term good diplomatic relationship of China and UAE leads to rapid development in finance and investment cooperation of two countries. UAE has the largest investment inflows from China among all investment destinations in Arabic world. Also, China is the biggest trade partner of UAE. UAE is the transit for 60% Chinese international trades. Among the trade partners of UAE, China is the sixth largest importer of oil, fifth largest importer of hydrocarbon products and third largest importer of non-petroleum products.
Guided by the B&R Initiative, in 2015, UAE-China Joint Investment Cooperation Fund, USD 10 billion, has been launched by Mubadala and China’s State Administration of Foreign Exchange, being managed by China Development Bank Capital. In 2016, COSCO Shipping Ports Limited signed a container terminal concession agreement with Abu Dhabi Khalifa Port for a span of 35 years. In 2017, the China-UAE Industrial Capacity Cooperation Demonstration Zone, invested by Jiangsu Province in Khalifa Port Free Trade Zone, was recognised as the World’s First Capacity Cooperation Demonstration Park under Belt & Road Initiative by the government. Following signing contract with Abu Dhabi National Oil Company (ADNOC) in March 2018, in addition to 8% stake in ADCO onshore concession area awarded in 2016, the China National Petroleum Corporation (CNPC) has been awarded stakes in two of Abu Dhabi’s offshore concession areas, 10% stake each. Industrial and Commercial Bank of China (ICBC), Bank of China (BoC) and other state owned commercial banks have established onshore businesses in Abu Dhabi. First Abu Dhabi Bank, the largest bank in UAE, and Union National Bank have opened representative office or branch in China.

ABU DHABI GLOBAL MARKET

Abu Dhabi Global Market (ADGM) is established as a free finance zone in accordance with the Federal Law No (8) of 2004, Federal Decree No (15) of 2013, Cabinet Resolution No (4) of 2013, and Abu Dhabi Law No (4) of 2013, in line with the Abu Dhabi economic vision 2030. ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance, connecting economies of the Middle East, North Africa and South Asia. ADGM encompasses the whole of Al Maryah Island.
From financial regulatory approach, tax rate, infrastructure development and services aspects, ADGM has following rights and advantages:

• The ADGM Financial Services Regulatory Authority (FSRA) enacts its financial services rules and regulations and conducts financial services authorization independently within jurisdiction. ADGM Financial Services Regulatory Authorities’ regulation covers the spectrum of banking, insurance, wealth management, asset management and all capital market activities. Anti-money laundering and counter-terrorism financing legislations are also critical components of ADGM’s Financial Services legislation.
• ADGM Courts of the First Instance and of Appeal have jurisdiction over all civil and commercial disputes within Abu Dhabi Global Market. The legislative framework directly applies the Common Law.
• 0% corporate and individual tax for 50 years
• Within jurisdiction, 100% foreign ownership is allowed
• Extensive and growing network of double taxation treaties
• No limitation on transferring profit back to home country
• Issuance of CNY, USD, EUR , GBP and other frequently-traded currencies denominated financial instruments is allowed
• No restriction on nationality of employee
  

ADGM, Financial Services and Regulation Authority is in charge of undertaking various regulatory functions and global business collaboration. ADGM is committed to bolster the competitiveness and dynamism of financial institutions, as well as, the efficiency of the financial markets through a risk-based and outcome-focused regulatory philosophy.

ABU DHABI GLOBAL MARKET - CHINA OFFICE

Upon its establishment, Abu Dhabi Global Market has formulated a long-term strategy focusing on China. ADGM is focused on strengthening Abu Dhabi’s robust financial collaborations with the Chinese government and enterprises and on fostering new connectivity and opportunities between the two economies.   Abu Dhabi Global Market fully supports China’s “Belt and Road” initiative and believes in its broad strategic prospects. Abu Dhabi Global Market is envisioned to become the only international investment and financial platform focusing on “Belt and Road” investment and an offshore RMB center in Middle East and North Africa region, providing best financing and regulatory services to China’s major projects and institutions as well as abundant RMB-denominated products and deepen the financial collaboration between two countries.
Since 2015, ADGM has entered into discussions with People’s Bank of China and signed Memorandums of Understanding or framework agreements with China Securities Regulatory Commission, China Banking and Insurance Regulatory Commission, Shanghai Free Trade Zone, Qianhai Free Trade Zone, Asian Financial Cooperation Association, Shanghai Stock Exchange, China-UAE Capacity Cooperation Demonstration Zone, etc.
On 11 May, 2018, witnessed by representatives from governments, financial regulators, leading companies from two countries, ADGM officially launches its first oversea office in Beijing, the capital of China. ADGM China Office performs a range of functions, including government relations, institutional partnership, business development, regulatory consultation, policy research, etc.
Numbers of major projects of national level are being initiated and manged by ADGM China office, and multiple leading financial institutions are anchoring their MENA business operation in ADGM. ADGM has been maintaining regular cooperation with government and industry of Beijing, Shanghai, Shenzhen, Nanjing, Hangzhou and Wuhan to forge ahead the partnership on financial investment between two countries.

BOARD OF DIRECTORS AND EXECUTIVE LEADERSHIP

	HIS EXCELLENCY AHMED ALI AL SAYEGH CHAIRMAN HE Ahmed Ali Al Sayegh has a wealth of experience that spans over three decades. He holds several senior positions in a number of leading public and private institutions in Abu Dhabi, and has extensive experience with launching and developing pioneering initiatives. In addition to his current position as the Chairman of Abu Dhabi Global Market, Mr Al Sayegh is also the Managing Director of Dolphin Energy Limited, Deputy Chairman of First Gulf Bank, Deputy Chairman of the Emirates Wildlife Society, and Board Member of Etihad Airways. His past positions include: Chairman of Aldar Properties, Chairman of Abu Dhabi Future Energy Company (MASDAR). Mr Al Sayegh also held senior positions in several leading governmental institutions such as Abu Dhabi National Oil Company (ADNOC), and Abu Dhabi Investment Company (Invest AD).
	MOHAMED AL QUBAISI VICE CHAIRMAN Over the last 15 years, Mr Al Qubaisi has left his mark in several areas for the UAE government entities, such as Strategy & Policy Planning, Economic Development and Projects Services. In addition to being Vice Chairman of Abu Dhabi Global Market, Mr Al Qubaisi is also currently a Director at the Office of His Highness Vice Chairman of the Executive Council, where he has been instrumental in providing strategic economic and fiscal policy advice.
	HIS EXCELLENCY MOHAMED DARWISH AL KHOORI BOARD MEMBER HE Mohamed Darwish Al Khoori has worked for Abu Dhabi Investment Authority (ADIA) for 25 years and is currently the Executive Director of the Internal Equities department at ADIA. In addition to his role at ADIA, Mr Al Khoori is a member of the Board of Directors of the Abu Dhabi Commercial Bank (ADCB), and the Chairman of the Board of Directors of the Oman & Emirates Investment Holding Company (OEIHC). In addition, Mr Al Khoori is a member of the Board of Directors of the Financial Corporation Company (FINCORP) and the Chairman of the Audit Committee (FINCORP).
	HIS EXCELLENCY ALI MAJED AL MANSOORI BOARD MEMBER HE Ali Majed Al Mansoori is a member of the Executive Council of Abu Dhabi and the Executive Director at the office of the Vice Chairman at the Executive Council. In addition, Mr Al Mansoori holds several high profile positions; including the Chairman of the Department of Economic Development and the Chairman of Abu Dhabi Airports Company, member of the Audit Committee at Abu Dhabi Investment Council, as well as a Board member of Al Hilal Bank and Aldar Properties. Mr Al Mansoori had previously held several high level positions; including the Director of External Equities Europe at the Abu Dhabi Investment Authority (ADIA) and Deputy Director at External Funds-America.
	HIS EXCELLENCY EBRAHIM OBAID AL ZAABI BOARD MEMBER HE Ebrahim Obaid Al Zaabi is the Director General (CEO) of the Insurance Authority of UAE, and represents the UAE on the Board of the GCC Accounting & Auditing Organization. Mr Al Zaabi is also a member of the UAE Committee to Review Defaults of Public Shareholding Companies. Previously, Mr Al Zaabi was the Deputy CEO for Issuance, Research and Legal Affairs at Securities & Commodities Authority (SCA), as well as a Board Member of Insurance Authority until 2011. In addition, he has held the membership of various committees between SCA, the Ministry of Economy and the Central Bank of UAE. Earlier in his career, Mr Al Zaabi was the Fund Manager for the global commodities portfolio of Abu Dhabi Investment Authority.
	RICHARD TENG CEO OF THE FINANCIAL SERVICES REGULATORY AUTHORITY Richard joined Abu Dhabi Global Market in March 2015 and is responsible for overseeing the development and administration of the regulatory framework to govern ADGM and its member institutions. Having more than two decades of regulatory leadership and capital markets experience in the financial industry, he joined ADGM from the Singapore Exchange (“SGX”), where he held various positions since 2007, leading up to his last post as Chief Regulatory Officer.