Abu Dhabi vs. DIFC: Battle Of The Freezones? » Gulf Business

Abu Dhabi vs. DIFC: Battle Of The Freezones? » Gulf Business:

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In February this year, Sheikh Khalifa bin Zayed al-Nahyan, president of the UAE, passed a federal decree announcing the creation of Global Marketplace Abu Dhabi (GMAD) – the emirate’s first financial free zone.

It’s safe to say the first thought on everyone’s mind was: how would it rival DIFC?

The Dubai International Financial Centre has been the region’s financial hub since its creation in 2004. Although there are zones in Bahrain and Qatar, Dubai has long been ahead of its challengers. But that could all change later this year.

Scheduled to open in the fourth quarter of 2013 on Al Maryah Island, GMAD will offer financial services from banking to fund management with an expected focus on commodities trading. It will also, like DIFC, have its own courts and financial regulator."

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