Abu Dhabi new financial free zone

Published On: 
Mon, 02/09/2013 - 18:39
Reported by: 
Staff Reporter
Source: 
Reuters

(Reuters) - Abu Dhabi named a chairman and the board for a new financial free zone it hopes will attract top global banks and financial firms when it launches in the fourth quarter.

Ahmed Ali al-Sayegh, chairman of green energy firm Masdar, chief executive of state-owned Dolphin Energy and the deputy chairman of Abu Dhabi Media, was named chairman of the Global Marketplace Abu Dhabi (GMAD). The board includes Mohammed Darwish Mohamed al Khouri, a board member of Abu Dhabi Commercial Bank and executive director of internal equities at Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds.

The emirate outlined plans in May for the zone on the new business center island Al Maryah, near Abu Dhabi downtown area that will have its own administration, court system and tax incentives.

Other members include Ali Majid Mubarak al-Mansouri, chairman of Abu Dhabi Airports Authority, Ibrahim Obeid al-Zaabi, deputy chief executive for issuance and legal affairs at market regulator Securities & Commodities Authority (SCA), and Mohammad Naim al-Qubaisi, a director at the Department of Economic Development in Abu Dhabi.

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