UAE to expand recognition of fund licenses in bid to lure investment | Reuters

UAE to expand recognition of fund licenses in bid to lure investment | Reuters:

United Arab Emirates regulators said they would expand their recognition of investment fund licenses in an effort to persuade more funds to base themselves in the country, in the face of competition for the business from other states in the region.

Funds can be licensed in three UAE jurisdictions: the Dubai International Financial Centre (DIFC), the Abu Dhabi Global Market (ADGM), or onshore in the UAE. At present a fund licensed in one area faces restrictions on how it can be marketed and sold in the other two areas, slowing sales and raising costs.

Authorities agreed to remove those barriers by recognizing a single license across the country, regardless of where it was issued, regulatory agencies for the three jurisdictions said in a statement this week.