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News
ADGM Special Purpose Vehicle (SPV) Regime Wins Strong Industry Endorsement from Business Community
ADGM: 29 Jan 2017
29 January 2017, Abu Dhabi (UAE): Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has welcomed and successfully registered more than 50 Special Purpose Vehicles (SPVs) to date with continuous strong interests from local and international business communities. The innovative ADGM SPV regime , bench marked against leading international jurisdictions in terms of features, cost and ease of set-up, has gained exceptional industry recognition and business endorsements even before its official launch on 24 January 2017.
To address the needs of the business community, ADGM’s SPV regime is designed to cater to a broad range of uses within many industry sectors including but not limited to corporate, financial institutions, sovereign wealth funds, family offices and individual investors. SPVs have been deployed as a strategic tool for a variety of purposes including efficient corporate and financial structuring, risk management and ring-fencing of assets and liabilities. Since the SPV platform went “live”, ADGM has seen high demand and strong interest from sectors such as asset management, family wealth, aviation, shipping, and technology/intellectual property development.
The SPV regime is underpinned by ADGM’s international legal and regulatory platform, independent courts with outstanding legislation and common law judges, and a favourable tax environment, benefitting from UAE’s extensive network of double-taxation treaties. Local and regional UAE firms and family businesses are now able to effectively address their business needs and domicile assets and investments via ADGM SPV regime without going to overseas jurisdictions.
As part of ADGM’s ongoing commitment to engage its stakeholders, a great turnout of legal and professional participants were present at the ADGM SPV launch event on 24 January to gain a deeper understanding of the structure and benefits of ADGM’s SPV regime and offerings.
Mr Shirish Bhide, Head of Wholesale & International Banking of FGB said, “FGB is extremely proud to have assisted Abu Dhabi Global Markets in its journey of becoming a key player in the Middle East for aircraft SPV’s on lease arrangements to leasing companies and airlines around the world competing with the likes of Dublin and other offshore entities. FGB aims to partner with ADGM in its future growth by promoting its services through its aircraft financing business globally. We also look forward to working with ADGM in executing complex and innovative transactions that help ADGM become a promoter of sustainable growth in Abu Dhabi and UAE.”
Mr Salem Al Matroushi, Founder and CEO of Tasleeh Limited said, “ADGM offered an excellent SPV option which meant that I could use a jurisdiction closer to home, which provides a great deal of comfort and ease.”
Ms Cara Dwyer, Senior Associate, Corporate Structuring of Al Tamimi added, “The introduction of SPVs is an important addition to the range of entities available in ADGM and is another example of ADGM seeking to respond to the needs of the market.”
Said Mr Chad Fox, Managing Director, Disruptive.Legal, “The ADGM SPV regime is an innovative legal development that has been desperately needed in the UAE and Middle East region. The flexibility, robust corporate laws and the direct access to the ADGM Courts are just some of the reasons that the ADGM SPV regime is likely to become the “go-to” holding company regime in the region. We are very excited to see the progression of the regime and have already seen its benefits to the technology sector.