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Abu Dhabi Global Market to Offer Foundation Vehicle

Abu Dhabi Global Market (ADGM), the international financial center and free zone located on Al Maryah Island in the UAE capital Abu Dhabi, yesterday opened a public consultation on the ADGM’s proposed foundation regime (Consultation Paper No. 3 of 2017 and proposed Foundations Regulations 2017). The development is significant and positive, as the ADGM foundation, as proposed, would be the first-of-its kind in the UAE and particularly helpful for family businesses, philanthropy and wealth management in the UAE and the Middle East more broadly. The foundation model proposed is based on the civil law foundation, as it is an incorporated entity (with independent legal personality) with characteristics analogous to some features of the common law trust.
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