New bank for Abu Dhabi finance zone
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Abu Dhabi Financial Group (ADFG) and Bahrain’s GFH Financial Group are setting up a a jointly-owned Islamic bank in Abu Dhabi’s new financial free zone, ADFG chief executive Jassim Al Seddiqi is reported as saying by Reuters
It will have initial capital of $100 million.
Aberdeen Asset Management and Macquarie Capital have announced plans to open offices in the Abu Dhabi Global Market, the second finance free zone in the UAE after the Dubai International Financial Centres (DIFC).
Al Seddiqi said the new bank will deal in dollars and accept offshore deposits.
It is governed by the Registration Authority, the Financial Services Regulatory Authority (FSRA) and ADGM Courts.