Abu Dhabi tax-free financial zone taps Singapore's regulatory model
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ABU Dhabi Global Market (ADGM), a tax-free financial zone that opened in October in the capital of the United Arab Emirates (UAE), is tapping Singapore's regulatory model in its attempt to develop its financial sector.
Abu Dhabi's financial services make up less than 5 per cent of gross domestic product (GDP), and it is looking to flex its muscles as a financial centre, which would raise this proportion closer to that of hubs such as Singapore, where the financial industry comprises more than 10 per cent of the economy.
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