The purpose of GMAD is to attract financial investments by creating a unique operating environment for businesses.
The key benefits for operating within GMAD have been outlined as follows:
Anticipated that GMAD will double the size of trading currencies, commodities and raw material prices being issued, setting trading prices and increasing liquidity within the markets.
The management board will be responsible for drafting laws and appointing the GMAD management and administrative team.
Sitting under the management board, GMAD will have three pillars: (i) the Global Marketplace Registration Bureau (the regulator); (ii) the Global Marketplace Financial Services Regulations Bureau (the authority); and (iii) the Global Marketplace Courts.
Licences issued by GMAD to establishments operating within GMAD will cover the full range of regulated financial services and related activities.
It will be interesting to see whether the GMAD Courts will be set up to function along similar lines to the DIFC Courts.
While the DIFC may have a nine- year head start, GMAD would be fancied to make some quick dents into its neighbour's market share with the emirate's asset managers and sovereign wealth funds sitting on the zone's doorstep, as well as the huge potential of a contract with Abu Dhabi oil.
Until he and his fellow members begin to announce how GMAD will operate, the desire for cooperation or differing sector focus with DIFC is merely a pipedream.
It will be interesting to see what happens, whether GMAD wants to compete directly with DIFC.