Abu Dhabi Global Market, the UAE capital's planned financial free zone, is on track to "go live" by the end of the year, Richard Teng, the ADGM's top regulator, has told The National.
In his first interview since taking up the job of chief executive of the ADGM Financial Services Regulatory Authority, Mr Teng said: “The general commercial regulations were finalised in June, and the public consultation on the financial regulations closed in early August.
"Once those have been finalised we will be able to 'go live' in the early part of the fourth quarter," he added. The ADGM is close to completing the final version of the financial regulations, in consultation with interested parties from the regional and international banking community. Some 16 banks and financial institutions, including leaders such as National Bank of Abu Dhabi and Goldman Sachs, have given feedback on the draft regulations.
That process resulted in some “tweaks and enhancements, but not a change of direction”, Mr Teng said. Regulations for commercial companies in ADGM’s headquarters on Al Maryah Island were agreed and issued in early summer. Since he arrived at the ADGM in spring, Mr Teng has been gauging international appetite for the new market, which plans initially to focus on private banking, wealth and asset management, with visits to the big financial centres of the world, from New York to Singapore. “I’m pretty confident there will be plenty of interest in ADGM,” he said.
ADGM, under the chairman Ahmed Al Sayegh, has also been busy appointing executives to the top jobs in the key functions of registration and regulation.
The appointment of a chief justice to oversee the independent courts system is the biggest remaining job. ADGM is thought to be close to finding a candidate for the key position, who will help to build an arbitration process which many potential ADGM members regards as essential.
Although the early focus of ADGM is on private banking and wealth management, in the long term it could add more financial specialisms.
“Longer term the regulations are designed to handle the full spectrum of financial services, for example market regulations, M&A activity and all the other activities of a full financial services centre. The groundwork is there for all of that,” Mr Teng said.
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COMPANY%20PROFILE
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Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
BORDERLANDS
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Director: Eli Roth
Rating: 0/5
Dolittle
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Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
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Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
COMPANY%20PROFILE
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
SPECS
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The%20specs
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Specs%3A%202024%20McLaren%20Artura%20Spider
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Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
Company%20Profile
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
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Company%20Profile
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RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
Confirmed%20bouts%20(more%20to%20be%20added)
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