Mohamed bin Zayed restructures Board of Global Marketplace Abu Dhabi (Final add)

WAM ABU DHABI, 26th August, 2013 (WAM) — His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has issued a decision on reforming the Board of Directors of Global Marketplace Abu Dhabi, chaired by Ahmed Ali Mohammed Al Sayegh.

The decision stipulated that the Board of Directors included Mohammed Darwish Mohammed Al Khouri, Ali Majid Mubarak Al Mansouri, Ibrahim Obaid Al Za’abi and Mohammad Najm Al Qubaisi as members of the Board.

According to the decision, the membership of the Board of Directors will extend over five years, subject to renewal.

The functions of the Board of Directors of the Abu Dhabi Global Marketplace are as follows: the issuance the global market systems to organise its work, achieve its objectives, propose draft laws, appoint and relieve head of office of global market registrar, head of the Office of Financial Services, head of the courts and judges of the global marketplace, and the formation of advisory committees, the establishment of departments and individual institutions, offices, councils needed to achieve the objectives of the global marketplace and specification of their powers and functions.

The Board of Directors is also entrusted to develop relationships with free zones and others whether inside or outside the Emirate, and issue the organisational structure of the global marketplace and the authorities of the global marketplace. It also specifies the terms of reference and functions and meetings of any boards, departments and administrative units at the global marketplace.

The Global Marketplace Abu Dhabi aims to promote Abu Dhabi as a leading global market, develop the emirate’s economy as well as to enhance the economic environment to attract financial investment and more effectively contribute to international financial services.

The market is created to promote the right economic environment to attract financial investments. The market eliminates the time gap among global financial markets 7-11am, UAE time. It provides all kinds of services for financial institutions, trade institutions and producer institutions for goods and minerals from all sources.

Earlier, President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of the emirate of Abu Dhabi, issued a law on the Global Marketplace Abu Dhabi.

Under the law, the Global Marketplace Abu Dhabi will see the establishing of independent Global Marketplace Authorities with independent budgets and corporate independent legal personality. Each of the these may issue executive decisions within their jurisdiction as determined by the law and the world market regulations. These authorities are: The Global Marketplace Registration Bureau, the Financial Services Regulations Bureau, the Global Marketplace courts.

WAM/MN

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