Abu Dhabi has become a virtual new destination for billionaires - Bloomberg

Abu Dhabi has become a virtual new destination for billionaires - Bloomberg

The emirate of Abu Dhabi is coming to the fore as a new center of gravity for billionaires from all corners of the world, as the popularity of financial zones such as the Cayman Islands and the British Virgin Islands gradually declines.

The trend gained momentum following the release of data compiled by consulting firm M/HQ, a key player in asset management, indicating that there are more than 5,000 private companies in the Abu Dhabi Zone (ADGM), up from 46 companies in 2016, it writes. Bloomberg agency.

The business center is becoming attractive to entrepreneurs due to guarantees of asset protection from foreign jurisdictions and the ability to take advantage of double tax treaties provided by the UAE.

The emirate also offers investors a number of privileges, including long-term residence permits or even UAE passports for large investments in the region. It is worth mentioning the presence of Abu Dhabi's sovereign wealth funds, which manage assets in excess of $1 trillion, and influential private investment firms.

Bloomberg's sources emphasized that registering companies in Abu Dhabi could help strengthen relations with members of the emirate's royal family. These sources also claim that Royal Group subsidiaries, controlled by Sheikh Tahnoun bin Zayed Al Nahyan, brother of the UAE President, established several branches in the Abu Dhabi zone in the last half of the year.

Among the billionaires who transferred their assets to the Abu Dhabi zone are the former CEO of the Binance crypto exchange Changpeng Zhao, the founder of the Bridgewater hedge fund Ray Dalio, as well as the owner of the Novolipetsk Metallurgical Plant (NLMK) Vladimir Lisin. According to sources familiar with the situation, the latter chose Abu Dhabi due to its connections with leading investors, the stability of the economy and legislation.