The Market will have its own independent set of regulations and courts - as it will be independent of the commercial laws in the United Arabic Emirates. The Magic Circle firm has drafted all the new legislation which will underpin the venture. 

First financial free zone

The Market is to become Abu Dhabi's first financial free zone, with the aim of being an international leader in the financial decor as well as playing a role as a regional financial centre. In a report on Ame Info, the primary purpose of the scheme is described as being 'to fill a gap with respect to the regional provision of financial services, by focusing greater attention on commodities trading, storage and transport, derivatives trading, custody, settlement, clearing and depositary services, foreign exchange, market-making and retail financial services'. 

Regulatory framework

Ibrahim Mubaydeen, managing partner of Allen & Overy's Abu Dhabi office and Abu Dhabi-based corporate partner Khalid Garousha, were the leaders on the A&O team.  The creation of the zone is also described as 'significant' by Norton Rose Fulbright. The firm commented: 'As a financial free zone, 'the Abu Dhabi …[Global] Market” will be able to development a new legal and regulatory framework under which firms operating within the jurisdiction will operate.'