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Abu Dhabi names financial free zone board
29 August 2013
Global Marketplace Abu Dhabi project moves ahead with naming of chairman and board
Global Marketplace Abu Dhabi
Ahmed Ali al-Sayegh
Abu Dhabi has named the chairman and board for its ambitious Global Marketplace Abu Dhabi (GMAD) project.
Abu Dhabi hopes the launch later this year of a dedicated financial free zone on Al Maryah island, near the city's downtown district – complete with its own administration, courts and tax incentives – will tempt global financial services to establish themselves in the emirate.
Ahmed Ali al-Sayegh – chairman of energy company Masdar, CEO of Dolphin Energy and deputy chairman of Abu Dhabi Media – has been named chairman of GMAD.
Other appointees to the board were named as: Mohammed Darwish Mohamed al Khouri, who currently sits on the board of Abu Dhabi Commercial Bank and is executive director of internal equities at the emirate's sovereign wealth fund, the Abu Dhabi Investment Authority; Ali Majid Mubarak al-Mansouri, chairman of Abu Dhabi Airports Authority; Mohammad Naim al-Qubaisi, of the Abu Dhabi Department of Economic Development; and Ibrahim Obeid al-Zaabi, deputy chief executive at the Securities & Commodities Authority (SCA).
The creation of GMAD is widely seen as competing with similar dedicated financial centres established in Qatar and Dubai.
The project was announced in May 2013. Operations in the financial free zone may be 100% owned by foreign nationals, while companies and their employees face a 50 year tax and customs duty exemption.