Al Maryah Island: Abu Dhabi's financial free zone
Despite rumours circulating for some months, there was still a sense of surprise when it was announced at the end of April that the president of the United Arab Emirates (UAE), His Highness Khalifa Bin Zayed Al Nahyan, had passed a federal decree creating a financial free zone in Abu Dhabi.
The Decree was subsequently supplemented by a Cabinet Decision that named Al Maryah Island (formerly Sowwah Island and the home of Al Tamimi’s Abu Dhabi Office) as the designated Free Zone. The initial announcement was very light on detail although it was stated to be issued pursuant to a Federal Law of 2004 regarding Financial Free Zones. This is the same Law under which the Dubai International Finance Centre was established. That initial announcement has since been supplemented by an announcement of the Executive Council of Abu Dhabi on the first of May filling in a lot of the details…
If you are registered and logged in to the site, click on the link below to read the rest of the Al Tamimi & Company briefing. If not, please register or sign in with your details below.
News from Al Tamimi & Company
Briefings from Al Tamimi & Company
Corruption has a detrimental effect on any economy. It creates unfair advantages, anti-competitive practices and a generally unfavorable business environment.
The Libya Herald reported on 16 April 2013 that ‘the IMF confirmed its forecasts on Libya of 20.2 per cent GDP growth in real terms for 2013’.