The Financial Services Regulatory Authority of Abu Dhabi Global Market has amended its capital market framework, implementing significant enhancements that will improve the investment environment and boost growth opportunities in the emirate's financial hub.
“The degree of interest shown in the consultation, as well as the keen interest by participants looking to undertake activities in these significant new areas, is hugely positive,” Ahmed Al Zaabi, chairman of ADGM, said.
“These enhancements to our capital markets framework will unlock the next stage of investment and growth opportunities, across commodities, environmental instruments, virtual assets activities and wider financial markets.”
ADGM, one of the fastest growing international financial centres in the Middle East and North Africa region, is part of Abu Dhabi's efforts to diversify its economy and connect the emirate with markets in the Mena and economies in South and East Asia.
The financial free zone is home to thousands of companies including global businesses, financial institutions, treasury centres, professional services companies, small and medium enterprises, start-ups and FinTechs, including digital asset trading entities.
The regulator has consistently been amending its capital markets framework to mitigate risks and make ADGM an attractive space for home-grown, regional and international companies.
Collectively, ADGM and its market participants continue to provide regulatory and industry leadership, “positioning ADGM and Abu Dhabi as the jurisdiction of choice”, Mr Al Zaabi said.
These latest changes enable greater participation within primary and secondary markets.
They are intended to significantly benefit markets-related activities, impacting recognised investment exchanges, recognised clearing houses, multilateral trading facilities, organised trading facilities, market intermediaries, remote bodies, remote members, issuers, listed entities, reporting entities and sponsors, the FSRA said on Tuesday.
ADGM has also changed its regulatory framework for spot commodity and environmental instrument activities, the first international financial centre in the Mena region to do so.
“Another region-first inclusion in this framework highlights purpose-built offerings and listing rules relating to mining and petroleum companies,” the FSRA said.
The regulator has also strengthened its requirements for capital raising, disclosure obligations, securities and voting rights, it added.
In addition to the changes implemented across conventional financial services activities, MTFs and custodians in ADGM can now seek approval from the FSRA to engage in non-fungible token activities.
“These important and major enhancements to our capital markets regulatory framework are a vital part of the FSRA’s objective to continue developing ADGM’s overall comprehensive and progressive regulatory framework,” Emmanuel Givanakis, chief executive of the FSRA, said.
“It will help to support and bolster the growth of our vibrant ecosystem that will, in turn, contribute to the growth and diversification of Abu Dhabi, the UAE and the MENA region’s economy as a whole.”
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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