ABU DHABI // The capital’s new financial free zone is expected to house 30,000 residents as it aims to have “critical mass” in the second half of next year.
Abu Dhabi Global Market will be a "vibrant 24-hour district that contains the ideal mix of businesses, services and entertainment to fuel Al Maryah as a destination outside of a place to work", according to an official briefing document.
“The Government’s and Abu Dhabi Global Market’s actions will be deliberate, pragmatic and governed by taking the time to put the right foundations in place to ensure a successful outcome,” the document says.
ADGM is also looking for partners and participants from the international financial community to back its ambitions to become a global financial centre.
One of its aims is to “attract world-class skills and expertise to the emirate through mutually beneficial partnerships with leading foreign investors in a strategically targeted industry,” the briefing document says.
It also wants to “optimise international participation in the ADGM free zone”. There has been speculation that the new market will look for an anchor tenant and business partner from the ranks of the global financial institutions.
The document adds significant detail to plans already announced. On timing, it says the rest of this year “will be spent preparing the operating model for implementation along with the associated regulation and regulatory frameworks.
“During that time ADGM will deal with applications for participation and partnership in the market and free zone so that by the third and fourth quarter of 2014 the ADGM will have critical mass.”
The broad outline of the market has already been drawn by Abu Dhabi Executive Council after a federal decree in February. It will consist of three bodies – a registrar, a regulator and a courts system – under a five-man board chaired by Ahmed Ali Mohammed Al Sayegh, who is also deputy chairman of Abu Dhabi Media, which publishes The National.
The ADGM document makes it clear that the new free zone on a 114-hectare site on Al Maryah island will be a fully fledged financial hub. It will include offices and commercial premises as well as residential, hotel and leisure facilities.
The island already houses the prestigous Galleria retail and leisure precinct and the five-star Rosewood Hotel. Coming soon are a Four Seasons Hotel and the Cleveland Clinic.
The ADGM organisation is housed in the building in Sowwah Square intended to be occupied by Abu Dhabi Securities Exchange. Sowwah Square is to be regarded as a "sub brand" in the ADGM initiative.
Two specialist firms advised the Abu Dhabi authorities in the preparation of the ADGM plan. The broking house ADS Securities provided help on financial and trading matters, and the law firm Allen & Overy gave advice on the legal framework of the centre. Both declined to comment yesterday.
ADGM is seen as part of the Abu Dhabi government’s established economic strategy. It will “contribute to the emirate’s ongoing economic development and diversification process by accelerating the growth of a key industry and the further establishment of the financial sector”, the briefing document says.
It aims to form a strategic link between financial markets in the Far East and Europe, and specifically “bridge the time gap that occurs during the slowdown of international financial markets between 7am and 11am UAE time”.
It will offer a full range of financial and investment services, from investment, commercial and private banking through to Islamic finance and physical commodities trading.
fkane@thenational.ae
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
Law 41.9.4 of men’s T20I playing conditions
The fielding side shall be ready to start each over within 60 seconds of the previous over being completed.
An electronic clock will be displayed at the ground that counts down seconds from 60 to zero.
The clock is not required or, if already started, can be cancelled if:
• A new batter comes to the wicket between overs.
• An official drinks interval has been called.
• The umpires have approved the on field treatment of an injury to a batter or fielder.
• The time lost is for any circumstances beyond the control of the fielding side.
• The third umpire starts the clock either when the ball has become dead at the end of the previous over, or a review has been completed.
• The team gets two warnings if they are not ready to start overs after the clock reaches zero.
• On the third and any subsequent occasion in an innings, the bowler’s end umpire awards five runs.
South Africa squad
: Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wkt), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wkt), Keshav Maharaj, Aiden Markram, Morne Morkel, Chris Morris, Wiaan Mulder, Lungi Ngidi, Duanne Olivier, Vernon Philander and Kagiso Rabada.
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
Specs
Power train: 4.0-litre twin-turbo V8 and synchronous electric motor
Max power: 800hp
Max torque: 950Nm
Transmission: Eight-speed auto
Battery: 25.7kWh lithium-ion
0-100km/h: 3.4sec
0-200km/h: 11.4sec
Top speed: 312km/h
Max electric-only range: 60km (claimed)
On sale: Q3
Price: From Dh1.2m (estimate)
Turning waste into fuel
Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres
Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)
Time required for one full cycle of production from used cooking oil to biofuel: One day
Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
▪ Electricity - 1.1904 units
▪ Water- 31 litres
▪ Diesel – 26.275 litres
Diriyah project at a glance
- Diriyah’s 1.9km King Salman Boulevard, a Parisian Champs-Elysees-inspired avenue, is scheduled for completion in 2028
- The Royal Diriyah Opera House is expected to be completed in four years
- Diriyah’s first of 42 hotels, the Bab Samhan hotel, will open in the first quarter of 2024
- On completion in 2030, the Diriyah project is forecast to accommodate more than 100,000 people
- The $63.2 billion Diriyah project will contribute $7.2 billion to the kingdom’s GDP
- It will create more than 178,000 jobs and aims to attract more than 50 million visits a year
- About 2,000 people work for the Diriyah Company, with more than 86 per cent being Saudi citizens
