GMAD set to
boost Al Maryah Island
Will capitalize on UAE’s location between the Far
Eastern and European markets.
Primed as the new central business district of the capital, Al Maryah Island in Abu Dhabi has received a shot in the arm with the announcement of new financial free zone. The hub called the Global Marketplace Abu Dhabi(GMAD) will be located at Sowwah Square on the island.
Free zone status will allow the companies operating from there to establish operations in the country without the need for a local partner and be able to repatriate profits and capital abroad. Modelled along the lines of DIFC in Dubai, the free zone will have its own registrar of companies, new regular called the Financial Services Regulations Bureau, and its own system.
The courts
will have a chief justice, as well as
court for first instance and court of appeals. Institutions operating in the
zones will include various type of
banks, trading companies, foreign exchange and commodity trading companies,
prime brokerages , pension and investment funds, Islamic financial firms,
companies handling stock trading and financial consultancies. GMAD intends to
capitalize on the UAE’s location midway between the leading Far Eastern and
European markets which enables the UAE financial markets to operate at times
when other international markets may be closed for trading.
The headquarters of the Abu Dhabi Security Exchange is already located at Sawwah Square and the adjoining district is already witnessing frenetic retail and commercial activities. The 51,000 – square-meter. The Galleria Mall is set to be opened later this year. Phase 1 development in the area consist of a couple of luxury hotels, health clinic and some commercial towers. Majority of the offices in the towers are leased to foreign companies and the occupancy rates are expected to jump severalfold after the establishment of the financial economic zone
Global Marketplace Abu Dhabi(GMAD
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