ADGM expects more companies to set up operations in Abu Dhabi Financial Center

Abu Dhabi Global Market (ADGM) More companies are expected to set up operations in the financial hub due to the government’s business-friendly policies, an executive said.

According to Dhaher Al Mheiri, CEO of ADGM Registry, more than 5,400 companies are registered and licensed with ADGM and the number will increase the whole country During Abu Dhabi Financial Week.

In the first six months of this year, more than 1,000 companies from the financial and non-financial sectors did business with ADGM.

“Our numbers will continue to grow. We are the platform of choice for businesses and as the UAE develops, we grow together,” said Mr Al Mheiri.

As the UAE economy recovers from the coronavirus pandemic on the back of rising oil prices and new government initiatives, companies are starting to operate at ADGM.

In February, Thailand’s state-owned oil and gas company PTT Opening of a new trade office in ADGM, as the emirate seeks to establish itself as a global commodity trading hub.

Kraken, One of the world’s largest cryptocurrency exchanges, it said in April it received a regulatory license from ADGM to operate its virtual asset trading platform.

Blockchain service provider Binance It will also offer services through ADGM, the company said on Wednesday.

“Abu Dhabi is not only a destination for the local market and the UAE, not only for the region, but globally,” said Mr Al Mheiri.

“It’s all from Brand Abu Dhabi. Today [it] It is the safest city in the world and those who move here have access to world-class infrastructure. “

Government initiatives, including extending the 10-year golden visa Plans and free trade agreements with different countries are “giving people the confidence” to expand their business into the UAE.

This year, the UAE signed the Comprehensive Economic Partnership Agreement (Cepa) with India, Indonesia and Israel, which are currently in talks with Turkey, Georgia, Colombia and Cambodia.

The UAE is also offering incentives to attract hundreds of digital companies to set up in the country as part of a plan to attract more digital companies foreign direct investment And positioning itself as a global technology center.

Under the first phase of the NextGenFDI programme, the UAE aims to attract 300 digital firms within six months to a year, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said in July.

Israeli companies have also opened offices in the capital’s financial center as Tel Aviv normalized relations with the UAE.

Mr. Al Mheiri said that ADGM currently has more than 20 entities from Israel in the technology sector, including fintech, agtech and edtech.

With ties between the UAE and Asia’s third-largest economy strengthening following the signing of Cepa earlier this year, Indian companies are also looking to set up operations in the capital.

“India has more than 90 unicorns [start-ups with a value of more than $1 billion] and those looking to use the UAE to tap into global markets,” said Mr Al Mheiri.

“Business from India is going well, especially in the tech sector.”

Occupancy rates in ADGM-regulated buildings on Al Maryah Island have risen due to increased demand from tenants.

“With the support of the government and our strategic partners, new towers will come online to meet different business needs,” said Mr Al Mheiri.

Updated: November 17, 2022 at 4:46 AM