Abu Dhabi
Abu Dhabi Global Market on Wednesday launched a first of its kind Foundations regime for wealth preservation and wealth management intended to provide a strategic platform for financial planning and structuring serving as an alternative to trusts and corporate vehicles.
Families and high net worth individuals from the UAE and others Gulf countries will be targeted as part of the new regime, ADGM said.
A large proportion of Emiratis and Gulf families currently have their wealth managed overseas in places such as Jersey, St Kitts and other countries.
“ADGM has been working closely with local and international stakeholders and market panel of experts to understand their needs and develop a Foundations regime that addresses the unique requirements of families and asset owners in Abu Dhabi, regionally and globally,” said Dhaher Bin Dhaher Al Mheiri, Chief Executive Officer, Registration Authority of ADGM.
“The new foundations regime, together with the existing world-class legislative and regulatory framework, adds to ADGM’s extensive corporate and legal structure offerings.”
According to ADGM, the Foundations regime has factored in the current considerations and future needs of the market users including creating a new type of legal structure with its own distinct attributes, protecting the confidentiality of clients, facilitating migrations from other jurisdictions to ADGM and vice versa among other things.
The Foundations regime supplements its existing suite of products and services available to families. To date, the ADGM platform has been widely used by local families for structuring business interests, holding companies and special purpose vehicles for holding a wide range of assets, as well as setting up family offices.
Abu Dhabi’s international financial centre is also an attractive setting for an ever growing community of highly regarded professional advisory firms and extensive experts in family wealth management.
