The UAE’s first legal structure for foundations has gone live at Abu Dhabi Global Market (ADGM), the emirate's financial free zone, providing an alternative mechanism for wealth management and the safeguarding of assets for individuals, companies and families.
The foundation structure is used for financial planning and structuring purposes, working as an alternative to trusts and corporate vehicles. It is available to international users as well as those based in Abu Dhabi.
“The new foundations regime, together with the existing world-class legislative and regulatory framework, adds to ADGM’s extensive corporate and legal structure offerings,” said Dhaher Al Mheiri, chief executive of ADGM’s Registration Authority.
“This is part of ADGM’s ongoing commitment to enhance its ecosystem and serve the needs of its stakeholders by introducing innovative and efficient business solutions.”
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ADGM launched a consultation in May on its foundations regulations and regime, which are based largely on similar regulations in Guernsey and Jersey.
A foundation is a corporate body with features and uses similar to a company but with similar features to a common law trust. The structure is an incorporated entity with a separate legal personality but one that, unlike a company, does not have shareholders.
Unlike a company, a foundation cannot carry out commercial activities, other than those necessary, ancillary or incidental to its purposes.
It typically holds assets in its own name on behalf of beneficiaries or for particular purposes, or both, and operates in accordance with a constitution.
"Unlike a trust, a foundation need not have beneficiaries, nor does it have to confer information about the assets or management of the foundation, meaning that a foundation may be more beneficial for geographically-diverse or multi-generational families," said Sam Instone, chief executive of Dubai-based wealth management firm AES International.
"The availability of foundations in the UAE via ADGM means greater choice in asset structuring and legacy planning – critical components of wealth management."
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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OPINIONS ON PALESTINE & ISRAEL
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
'Of Love & War'
Lynsey Addario, Penguin Press
