Abu Dhabi has become a new destination for billionaires – Kommersant
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Abu Dhabi has become a new haven for billionaires, writes Bloomberg citing data from asset management consultancy M/HQ. Currently, more than 5 thousand private companies are registered in the ADGM free economic zone, compared to 46 in 2016.
According to the agency, entrepreneurs in the business center are attracted by guarantees of asset protection from foreign jurisdictions and the opportunity to benefit from UAE double taxation agreements. In addition, large investors can obtain long-term residence permits or citizenship of the country.
Sam Blatteis, CEO of MENA Catalysts, which advises firms in the Persian Gulf, told Bloomberg that the Abu Dhabi free zone offers a safe alternative to the traditional but less predictable British Virgin Islands and Cayman Islands. The agency’s interlocutor from ADGM named among the advantages of Abu Dhabi the absence of requirements for a minimum authorized capital, the absence of restrictions on the nationality of shareholders and the ease of transfer of shares.
According to Bloomberg, ex-CEO of Binance Changpeng Zhao, founder of the world’s largest hedge fund Bridgewater Ray Dalio and owner of NLMK Vladimir Lisin have registered a business in the free zone. Last one in May 2023 founded There are two companies in the UAE – Serenity II Holdings and Nebula II Holdings.
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