Law No. (4) of 2013 Concerning Abu Dhabi Global Market

Article 1 — Definitions ¶

In the implementation of the provisions of this law, the following words and phrases shall have the
meanings corresponding thereto unless the context requires otherwise:
State: The United Arab Emirates.
Emirate: The Emirate of Abu Dhabi.
Government: The Government of Abu Dhabi.
The Executive Council: The Executive Council of the Emirate.
Global Market: The Financial Free Zone pursuant to the aforesaid Federal Decree No. (15) of 2013.
Board of Directors: The Board of Directors of the Global Market.
Chairman: The Chairman of the Board of Directors.
Global Market's Authorities: The "Global Market's Registration Bureau", the "Financial Services
Regulation Bureau" and the "Global Market's Courts", established pursuant to Article (10) of this law, and
any other administration, bureau, or unit that the Board of Directors approves to establish.
Financial Services: Activities and services carried out by the licensed financial Global Market
Establishments.
Global Market Establishments: Company, Any branch, representative office, institution entity, or project
registered or licensed to operate or conduct any activity within the Global market by any of the Global
market Authorities according to the provisions of this law or the Global market regulations or the
executive resolutions including the licensed financial Global market Establishments.
Licensed Financial Global Market Establishments: company, Any branch, institution, representative
office, entity, or project registered or licensed by the Financial Services Regulations Bureau to practice
Financial Services in accordance with the provisions of this law and the Global market regulations and the
executive resolutions.
Global Market Regulations: Any regulations or resolutions related to the Global market and issued by the
Board of Directors.
Executive Decisions: Bylaws, decisions, orders and instructions issued by any of the Global Market
Authorities pursuant to this law or the Global Market Regulations or by resolutions and authorisations
issued by the Board of Directors.

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Person: Any natural or legal person.

Article 2 — Global Market ¶

The Financial Free Zone established in the Emirate shall have an independent legal personality and enjoy
full legal capacity and financial and administrative independence. It shall be affiliated with the
Government and called "Abu Dhabi Global Market"

Article 3 — The objectives of the Global Market ¶

The objectives of the Global Market are to promote the Emirate as a global financial center, to develop
the economy of the Emirate and make it an attractive environment for financial investments and an
effective contributor to the international financial services industry.

Article 4 — Board of Directors ¶

The Global Market shall be managed by a Board of Directors which shall be composed of no less than five
members, including the Chairman and the Vice-Chairman; their appointment and remuneration shall be
determined by a resolution issued by the chairman of the Executive Council. The term of membership in
the Board of Directors shall be for 5 years that are automatically renewed, unless the chairman of the
Executive Council decides otherwise.

Article 5 — The Chairman ¶

The Chairman of the Board of Directors shall be the legal representative of the Global Market.

Article 6 — The Competencies of the Board of Directors ¶

The Board of Directors shall be the supreme authority in the Global Market. It shall lay down the general
strategies and policies for the Global Market and follow up on their implementation to achieve the
objectives of the Global market. It may exercise all the competencies and authorities necessary to do so,
without affecting the independence of all the Global Market Authorities. It shall, in particular carry out
the following:
1. Issue the Global Market Regulations relating to the organization of its work and the achievement
of its objectives.
2. Propose and submit draft laws in relation to the Global Market to the Executive Council for
approval.
3. Appoint, remove and replace the head of the Global Market's Registration Bureau, the head (or
the board of management of the Financial Services Regulations Bureau, as the case may be), the

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Chief Justice and judges of the Global Market's Court, and to specify their duties, the terms of their
service and their remuneration pursuant to this law and the Global Market's Regulations.
4. Form advisory committees of local and international experts for the Global Market to enable it to
achieve its objectives.
5. Establish the needed administrative bodies, sole establishments, bureau, and councils for the
realization of the objectives of the Global Market, specify their powers and duties, and to cancel,
merge and restructure any of them in a manner that is in line with the Global Market's objectives.
To establish and contribute in companies for any of the Global Market's Authorities within or
outside the Global Market and to co-ordinate between the Global Market's Authorities without
affecting the independence of these authorities.
6. Approve the Global market acquiring, owning, selling and renting real estate and movable assets,
including securities, investing inside and outside the Global Market in order to achieve its
objectives in accordance with the provisions of this law and the Global Market Regulations, and
opening representative offices inside and outside the Emirate to promote the Global Market
objectives and its various operations and activities.
7. Lay down the procedures and controls for opening, operating and managing of the bank accounts
for the Global Market and the Global Market Authorities.
8. Obtain loans and financial facilities necessary for the Global Market and the Global Market
Authorities and provide the assets and rights of any of the same as guarantees for these loans and
financial facilities in accordance with the controls laid down by the Executive Council.
9. Provide infrastructure, buildings, administrative services, security, transportation and information
technology services and any other services necessary to achieve the Global market strategies and
policies.
10. Propose the establishment, operation, management and supervision of non-financial free zones in
the Emirate that may be necessary to enable the Global market to achieve its objectives, or that
help the Global market or any of the Global market Authorities undertake their activities and
functions, and submit the same to the Executive Council to take the appropriate decision. The
Board of Directors shall determine the activities that can be carried out in those zones and issue
the rules, bylaws and resolutions necessary for the registration and licensing of companies,
branches and Establishments within the boundaries of those non-financial free zones.
11. Facilitate the work of the Global Market Establishments in accordance with the provisions of this
law and the Global Market Regulations including sponsoring and issuing work permits for any of
the employees or workers of any of the Global Market Establishments directly or through an
administration, authority or company established by the Board of Directors for this purpose.
12. Develop the relationships with other free zones and third parties inside and outside the Emirate in
order to achieve the Global market strategies and objectives and organize its operations.

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13. Conclude concession, outsourcing, and management contracts for any Person or entity with
respect to any of the Global Market competencies, money or facilities without affecting the
independence of the Global Market Authorities.
14. Issue resolutions determining financial fees and considerations charged by the Global Market and
any of the Global Market Authorities for the services they provide.
15. Provide all services to the Global Market Establishments and third parties with relation to the
Global Market in accordance with the provisions of this law and the Global Market Regulations.
16. Issue the by-laws relating to the powers and delegation within the Global Market and the Global
Market's Authorities, all without prejudice to the provisions of this law or the Global Market's
Regulations.
17. Issue the financial regulations, procurement and contractual system and internal and
administrative regulations of the Global Market and the Global Market Authorities.
18. Issue the internal regulations to organise the Board of Directors meetings and work.
19. Issue the organisational structure, human resources regulations and bylaws for the Global Market
and the Global Market Authorities, and determine the jurisdictions, functions and meetings of any
boards, departments, sections and administrative units therein in accordance with the provisions
of the Global Market Regulations.
20. Review and approve the financial statements of the Global Market and the Global Market
Authorities.
21. Approve annual budgets and annual closing accounts of the Global Market and the Global Market
Authorities and submit the same to the Executive Council for endorsement.
22. Open, operate and manage bank accounts of the Global Market in accordance with the
competencies prescribed by it.
23. Appoint, employ and contract with natural and legal persons in accordance with the Global Market
Regulations and the controls laid down by the Board of Directors in this regard, and coordinate
with the governmental institutions in the Emirate to delegate some of the employees of such
entities to work for the Global Market or any of the Global Market Authorities and pay their
bonuses and salaries.
24. Any other functions or competencies provided by a law or a resolution of the Chairman of the
Executive Council.
 The Board of Directors may delegate any of its competencies provided for in this law or any of
the Global market Regulations to any of the employees of the Global Market or to any of the
Global market Authorities of their employees. The Board of Directors may delegate any of its
functions or competencies to any governmental entity in the Emirate.

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Article 7 — Global Market's Financials ¶

The financial year of the Global Market shall commence on the 1st of January and end on the 31st of
December of each year, except for the first financial year which shall commence upon this law becoming
effective and shall end on 31st of December of the following year.

Article 8 — Financial Resources ¶

The resources of the Global Market shall consist of:
1. Annual appropriations allocated to it by the Government.
2. Income derived from the services provided by the Global Market or any of the Global Market
Authorities and the activities they exercise.
3. Any other resources which are approved by the Board of Directors and are in line with the Global
Market objectives.

Article 9 — Auditors ¶

 The Board of Directors shall appoint one or more accredited independent auditors in the State to
audit the accounts and financial statements of the Global Market and of each of the Global Market
Authorities. The auditor shall submit his reports to the Board of Directors.
 The appointment resolution shall specify the auditors’ fees. The auditor shall have the right of
access to records, data and books of the Global Market and the Global Market Authorities.

Article 10 — The Global Market Authorities ¶

The following authorities shall be established in the Global Market:
1. The Global Market's Registration Bureau.
2. The Financial Services Regulations Bureau.
3. The Global Market's Courts.
Each of the Global Market Authorities shall enjoy independent legal personality and an independent
budget, and shall exercise their respective competences independently in accordance with the provisions
of this law and the Global Market Regulations. Each authority shall issue executive resolutions within the
limits of its functions and competencies as stated in this law and the Global Market Regulations.
The Board of Directors – by a resolution – may approve the Global Market using a short name for the
Global Market or any of the Global Market Authorities, and it may choose the names and abbreviations
in English as the Board of Directors may deem appropriate and without consequent prejudice to rights
and obligations.

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Article 11 — Global Market's Registration Bureau ¶

The Global Market's Registration Bureau shall have a Head representing it before the courts and third
parties. A resolution concerning his appointment and remuneration shall be issued by the Board of
Directors. The Head shall be responsible for the Global Market's Registration Bureau’s work before the
Board of Directors.
The head of the Global Market's Registration Bureau shall assume the following tasks, functions and
competencies:
1. Registration and licensing of the Global Market Establishments in accordance with the provisions
of this law and the Global Market Regulations.
2. Registration of real estate and transactions which fall on them such as mortgage, division, sale or
purchase and other transactions and all other rights in rem and in personam falling on real estates
according to the Global Market Regulations within the geographic area assigned to it.
3. Registration of mortgages incoming on movables according to the Global Market Regulations.
4. Establish, regulate, update and operate the registration records, to register, amend, delete and
liquidate the Global Market's Establishments and the real properties and commercial transactions
and other transactions including a real property register, a securities register, Global Market's
Establishments and trade names register pursuant to this law and the Global Market's Regulations.
5. Propose financial fees and considerations charged by the Global market’s registration bureau for
services rendered and for fines on violation of the provisions of the Global market Regulations and
submit the same to the Board of Directors for approval.
6. Control and supervise the Global Market Establishments in accordance with the provisions of the
Global Market Regulations and apply the punishments contained in the table mentioned in Article
(23) of this law.
7. Review and propose strategies, policies and objectives related to the development of its work.
8. Prepare the necessary reports on the implementation of strategies, policies and objectives of the
Global Market's Registration Bureau and submit the same to the Board of Directors.
9. Prepare the draft annual budget and closing accounts of the Global Market's Registration Bureau
and submit the same to the Board of Directors for approval in preparation for submission to the
Executive Council for endorsement.
10. Review and approve the financial statements for the Global Market's Registration Bureau and
submit them to the Board of Directors for approval.
11. Propose draft Global Market Regulations that fall within the jurisdiction of the Global Market's

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Registration Bureau and submit the same to the Board of Directors for approval.
12. Open, operate and manage bank accounts for the Global Market's Registration Bureau in
accordance with the approved competencies by the Board of Directors.
13. Issue conditional permits for Persons from non-Global Market Establishments to practice any
activity within the Global Market according to the Global Market Regulations.
14. Appoint employees and terminate their services according to the applicable rules and regulations.
15. Any other competencies assigned to it by the Board of Directors or as determined by the Global
Market Regulations.
16. Issue the Executive Decisions required to carry out any of the above duties and powers.
 The Head of the Global Market's Registration Bureau may delegate any of his competencies to any
employee of the office.
 Subject to the provisions of this law and the Global Market's Regulations, the Global Market's
Registration Bureau may, after obtaining the approval of the Board of Directors, delegate any of
the duties or powers of the Market Registration Bureau to the other Global Market's Authorities,
excluding the Global Market's Courts, and to accept a delegation of duties or powers from the Board
of Directors and the other Global Market's Authorities.
 The Global Market's Registration Bureau shall keep confidential the information classified as
confidential pursuant to the Global Market's Regulations which may be received by or disclosed to
the Global Market's Registration Bureau or which may come to its notice in performance of its
duties. Such information shall not be disclosed to third parties except in the cases permitted by the
Global Market's Regulations.

Article 12 — The Financial Services Regulations Bureau ¶

 The Financial Services Regulations Bureau shall be solely responsible for the regulation of Financial
Services and related activities in the Global Market. It shall also be responsible for the competencies
assigned to its pursuant to the provisions of this law and the Global Market Regulations.
 The Financial Services Regulations Bureau shall have a head or a board of management appointed
by a resolution of the Board of Directors, such resolution shall also determine their remuneration.
 The head of the Financial Services Regulations Bureau or the board of management-as the case may
be- shall undertake supervision of the duties and activities of the Financial Services Regulations
Bureau and shall be accountable to the Board of Directors.
 The head of the Financial Services Regulations Bureau or the board of management- as the case
may be- shall exercise the following duties and powers:

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1. Register and license the licensed Global Market Financial Establishments according to the Global
Market Regulations.
2. Control and supervise licensed Global Market Financial Establishments, detect irregularities and
determine their financial penalties, in accordance with the provisions of this law and the Global
Market Regulations.
3. Specify the infrastructure, buildings, administrative services and any other services necessary to
achieve the objectives of the Financial Services Regulations Bureau.
4. Formulate and approve policies, strategies and objectives related to the organization of financial
services or any other activities in accordance with the provisions of this law and the Global Market
Regulations.
5. Prepare the necessary reports on the implementation of the strategies, policies and objectives of
the Financial Services Regulations Bureau and submit the same to the Board of Directors.
6. Propose draft regulations relating to the organization of the financial services and related activities
and any matter which falls within the competencies of the Financial Services Regulations Bureau
and submit the same to the Board of Directors.
7. Propose fees and financial considerations for services rendered by the Financial Services
Regulations Bureau and submit the same to the Board of Directors.
8. Collect fees and financial considerations that fall within the competencies of the Financial Services
Regulations Bureau and apply the sanctions stated in the table mentioned in Article (23) of this law.
9. Appoint employees and terminate their services according to the applicable rules and regulations.
10. Conclude contracts and agreements, acquire and own movables related to the Financial Services
Regulations Bureau and dispose of the same in accordance with the Global Market Regulations.
11. Establish sections, individual Establishments and departments affiliated to the Financial Services
Regulations Bureau and determine their functions and commission them with any of the Office
jurisdictions as stated in the Global market Regulations.
12. Prepare the draft annual budget and closing accounts of the Financial Services Regulations Bureau,
and submit the same to the Board of Directors for approval in preparation for submission to the
Executive Council for endorsement.
13. Approve the financial statements and accounts of the Financial Services Regulations Bureau and
submit the same to the Board of Directors for approval.
14. Open, operate and manage bank accounts of the Financial Services Regulations Bureau in
accordance with the approved competencies established by the Board of Directors.

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15. Issue conditional permits for legal persons of the non-Global Market Establishments to exercise any
of the financial services within the Global Market according to the Global Market Regulations.
16. Issue the necessary executive resolutions to assume any of the aforesaid functions and
competencies.
 The head or the board of management of the Financial Services Regulations Bureau, as the case
maybe, may delegate or outsource any of his or its powers or duties provided by this law or
Global Market's Regulations to any employee of the Financial Services Regulations Bureau or to
any of the entities designated by the Board of Directors.
 Subject to the provisions of this law and the Global Market's Regulations, the head or the board
of management of the Financial Services Regulations Bureau, as the case maybe, may, after
obtaining the approval of the Board of Directors, delegate any of the duties and powers of the
Financial Services Regulations Bureau to the other Global Market's Authorities, excluding the
Global Market's Courts, and to accept a delegation of duties or powers from the Board of
Directors and the other Global Market's Authorities.
 The Financial Services Regulations Bureau shall keep confidential the information classified as
confidential pursuant to this law and the Global Market's Regulations which may be received by
or disclosed to the Financial Services Regulations Bureau or which may come to its notice in
performance of its duties. Such information shall not be disclosed to third parties except in the
cases permitted by the Global Market's Regulations.

Article 13 — The Global Market Courts ¶

1. The Global Market Courts shall be of two degrees, first instance courts (formed of a single judge)
and courts of appeal (formed of three judges).
2. The Global Market's Courts shall have a Chief Justice appointed by a Board of Directors resolution
which shall become effective upon the expiry of 15 days of notifying the Chairman of the Judicial
Department of such resolution and receiving no objections thereto. The remuneration of the Chief
Justice shall also be determined in this resolution.
3. The judges of the Global Market Courts shall be appointed by resolutions issued by the Board of
Directors based on the proposal of the Chief Justice of the Global Market Courts.
4. The management of the Global Market's Courts, and the procedures for the litigation and
judgments and all forms of dispute resolution procedures shall be determined by a regulation
issued by the Board of Directors.
5. The Chief Justice of the Global Market's Courts shall have the following duties and powers:
 Propose draft Global Market's Regulations related to regulations of the Global Market Courts

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and submit the same to the Board of Directors for approval.
 Prepare and approve strategies, policies and objectives of the Global Market Courts, prepare
the necessary reports on the implementation of these strategies, policies and objectives and
present the same to the Board of Directors.
 Propose fees and financial considerations for services rendered by the Global Market Courts
and present the same to the Board of Directors for approval.
 Prepare the draft annual budget and closing accounts for the Global Market Courts and submit
the same to the Board of Directors for approval in preparation for submission to the Executive
Council for endorsement.
 Review and approve the financial statements and accounts of the Global Market Courts and
submit the same to the Board of Directors for approval.
 Open, operate and manage bank accounts of the Global Market Courts in accordance with the
approved competencies by the Board of Directors.
 Appoint and employ whomsoever is deemed appropriate to assist the Global Market Courts in
exercising its competencies and functions.
 Issue the Executive Decisions required to carry out any of the above duties and powers.
6. The Court of First Instance shall solely consider and decide on matters relating to the activities of
the Global Market according to the following:
 Civil or commercial cases and disputes involving the Global Market or any of the Global
Market's Authorities or any of the Global Market's Establishments;
 Lawsuits and civil or commercial disputes arising out of or relating to a contract or a transaction
conducted in whole or in part in the Global Market or to an incident that occurred in the Global
Market;
 Any appeal against a decision or a procedure is issued by any of the Global Market Authorities
according to the Global Market Regulations.
 Any request which the Global Market Courts has the jurisdiction to consider under the Global
Market Regulations.
7. Notwithstanding the provisions of paragraph (6) of this Article, the parties in relation to the issues
specified in the first and second paragraphs may agree in their commercial contracts and
transactions to the jurisdiction of any court other than the Global Market Court of First Instance or
agree to refer their disputes to arbitration.
8. The Court of Appeal shall solely have jurisdiction to consider and decide on appeals made against

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the judgments and decisions issued by the Court of First Instance, and the interpretation of any
articles of the Global Market laws and regulations if the Chief Justice of the Global market Courts
deems necessary should be he requested to do so by the Board of Directors or whomsoever the
Board of Directors authorise, or any Global Market Establishments or the Global Market Authorities.
9. Judgments of the Court of Appeal are final and may not be challenged by any method of appeal.
10. The Chief Justice shall assign one or more of the Global Market's Courts judges as execution judge.
The assigned execution judge shall have jurisdiction over execution of the judgments, decisions and
orders rendered by the Global Market's Courts and arbitral awards ratified by the Global Market's
Courts, and such execution shall be in accordance with the Global Market's Regulations.
11. Judgments, decisions and orders rendered by the Global Market's Courts and arbitral awards
ratified by the Global Market's Courts shall be enforced by the competent entity having jurisdiction
outside the Global Market in accordance with the procedure and rules adopted by such entities, as
well as any agreements for memoranda or understandings between the Board of Directors or the
Global Market's Courts and those entities.
12. Judgments, decisions and orders rendered by courts, an arbitrator or arbitrators outside the Global
Market shall, upon application by the concerned party, be enforced within the Global Market in
accordance with the Global Market's Regulations.

Article 14 — Licensed Global Market's Establishments ¶

Licensed Financial Global Market Establishments shall exercise one or more of the following financial
activities and services according to what is authorised in the license issued to it or under the provisions of
its registration:
1. Banking and financial services and activities including funding services and activities, provision of
short, medium and long term secured and unsecured financing and loan facilities.
2. Investment business, commercial, investment and private banking, finance and investment
companies, wholesale trading and electronic banking activities, and managing, dealing and
arranging investments.
3. Accepting deposits (with the exception of taking deposits from the State market or dealing in UAE
Dirhams), opening and maintaining bank accounts of all types for third parties.
4. Trading in and dealing with all types of financial instruments, currencies, commodities, metals and
derivatives of all types (including trading and dealing on margin with spot and forward contracts or
through the offering, buying and selling of financial futures and options of all types) and short selling
to the extent permitted by the Financial Services Regulation Bureau.
5. Storage, processing and delivery of all types of commodities and metals whether through actual
delivery or the delivery of instruments representing such commodities and metals, and related

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complimentary services.
6. Financial and monetary brokerage including prime brokerage activities.
7. Market-making through providing sale and purchase offers of all types of currencies, commodities,
metals, financial instruments, commercial paper, bonds, sukuk and derivatives.
8. Provision of Islamic financing, Islamic Banking and related activities.
9. Establishment, creation, operation, management and marketing of assets, funds, investment funds,
pension funds, collective investment funds, hedge funds and all other types of investment funds
and portfolios, trust and fiduciary services, discretionary and non-discretionary asset management
and all activities relating thereto.
10. Custody, settlement, clearing and depository activities and services.
11. Financing projects and providing capital for companies and establishments in all fields of
investment.
12. Transportation and shipping including sea, air, and rail shipping. In addition to the clearance of
commodities, metals, and all other logistics relating thereto, within the scope of matters relating
to the activities and businesses that will be licensed in the Global Market, or that will enable the
Global Market to realize its objectives.
13. Selling, buying and issuing of shares, bonds, sukuk, other financial instruments, financial products
of all types, currencies, commodities, metals of all kinds and derivatives including any of its
related future contracts and options, borrowing against offering any of it as security to provide
liquidity and enable all other activities and services relating to the money market.
14. Providing, owning, managing and operating of financial market infrastructure services, including
the provision of trading platforms, clearing services, custody, settlement and depository services
for securities, metals, commodities and financial derivatives of all types.
15. Owning, managing and operating exchanges and financial markets for shares, bonds,
currencies, sukuk, securities, metals, commodities, forward and future contracts, options and
derivatives, of all types.
16. Without prejudice to the provisions of the Federal Law No. (8) of 2004, insurance, re-insurance
and insurance brokerage services including property, life and casualty insurance and other kinds
of insurance and any other related services.
17. Financial, investment and banking advisory services.
18. Auditing, accounting and legal services and any other services ancillary to financial and banking
businesses and activities.

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19. Supporting and assisting works and services, rating services and information services for financial
and banking business and activities.
20. Any other additional financial activities and services as may be specified and added by a
decision issued by the Board of Directors.
 The activities and Financial Services stipulated in this Article are permissible, legal and in
conformity with the provisions of the applicable laws of the State.

Article 15 — Global Market Establishments ¶

The Global Market's Establishments shall carry out their activities in accordance with this law, Global
Market's Regulations and the licenses issued to them.

Article 16 — Global Market Activities ¶

Subject to the provisions of Article (17) of this law and the Global Market Regulations, the Global Market
may provide and deal with all types of services, products, goods, commodities and metals from all sources,
whether domestic or foreign.

Article 17 — Prohibited Goods and Services ¶

The Board of Directors shall issue a list of services, products and goods prohibited in the Global
Market and any associated exceptions. Goods and commodities prohibited in the Global Market
include but it not limited to the following:
1. Goods and commodities violating the Global Market Regulations.
2. Goods and commodities prohibited under the effective legislations in the Emirate.
3. Goods and commodities which bear inscriptions, drawings or trademarks or signs inconsistent with
the religious teachings and beliefs or violate public morals.
4. Any service or activity which leads to unfair competition.

Article 18 — Tax Exemptions ¶

The Global Market and the Global Market Establishments and Authorities and their workers shall be
subject to zero taxation, including income tax relating to their operation within the Global Market. The
tax rate includes the transfer of assets, profits or wages in any currency to any destination outside the
Global Market for fifty (50) years commencing from the date of the effectiveness of the provisions of this
law. This period may be renewed for a similar period pursuant to a resolution by the Executive Council.

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This applies to any of the companies, branches and Establishments, and their workers and projects
licensed or authorised to operate in the non-financial free zones which are established or supervised by
the Board of Directors in accordance with the provisions of this law.

Article 19 — Ownership Immunity ¶

1. Funds, rights and activities of the Global Market and the Global Market Authorities and
Establishments shall not be subject to any actions of confiscation, seizure or any restrictions on
individual ownership except by a judicial ruling of the competent Global Market Courts.
2. The Global Market's Establishments may be partially or fully owned by persons or entities
which are not nationals of or domiciled in the State.

Article 20 — Employees and Workers ¶

1. The Global Market, the Board of Directors, the Global Market Authorities and the Global Market
Establishments may employ or use whomsoever individuals deemed appropriate, provided that
such individuals are not citizens of countries boycotted by the State.
2. Provisions, regulations and rules of human resources issued by the Board of Directors shall solely
be applicable to the staff of the Global Market and the Global Market Authorities.

Article 21 — Customs Duties ¶

The Global Market, the Global Market Authorities and the Global Market Establishments shall be
exempted from custom duties on all goods and commodities they import for the purpose of business
within the Global Market. Goods and commodities imported into any of the non-financial free zones
established or managed by the Board of Directors shall also be exempted from any customs duties. When
such goods and commodities are imported or exported they shall not be subject to any customs duties
within the Global Market.

Article 22 — General Provisions ¶

1. The Global Market's Authorities and Global Market's Establishments shall carry on their business
and their commercial and administrative activities in accordance with this law and the Global
Market's Regulations.
2. Any of the Global Market's Authorities or Global Market's Establishments may enter into
contracts made in Arabic and/or any other language.
3. It shall be prohibited for any Person to engage in any financial services or any of the activities

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that require a permit, license or registration from any of the Global Market Authorities except
after obtaining the permit or license or completion of the relevant registration or if this Person
is allowed to undertake the activity in question without having to obtain a license or permit or
special registration in accordance with the Global Market Regulations, any resolutions issued
by the Board of Directors or any of the Global Market Authorities.
4. The Global Market shall be deemed to be the place to enter into and execute concluded
contracts with any of the Global Market's Establishments relating to the activities thereof, and
shall be exclusively subject to the provisions of this law and the regulations of the Global
Market's Regulations, unless the parties to a contract agree otherwise provided that such an
agreement does not contradict with the Global Market's Regulations and the Executive
Decisions.
5. The Global Market's Establishments may conduct meetings to offer, promote and market its
products and services in the Emirate provided that such establishments refrain from making
any public offers or promotions in the Emirate. Public and private offers and promotions in the
Global Market shall be pursuant to the Global Market's Regulations.
6. Subject to Paragraph (4) of this Article, documents signed by a person who was, at the time of
signing such documents, within the Emirate but outside the Global Market will not be valid
contracts with any of Global Market's Establishments unless such documents are signed by the
relevant Global Market's Establishment in the Global Market.
7. Without prejudice to the provisions of Federal Law No. (8) of 2004 concerning Financial Free
Zones referred to, the Global Market, the Global Market's Authorities, the Global Market's
Establishments, and their employees and their delegates shall not be governed, in relation to
matters within the jurisdiction of the Global Market or the Board of Directors, by the laws of
the Emirate and the regulations and resolutions of any local government body, except as may
be provided by a special provision in the Global Market's Regulations.
8. The Emirate, the Government, the Global Market, the Board of Directors, the Global Market's
Authorities, the heads of the Global Market's Authorities, the Chief Justice and the judges of
the Global Market's Courts, members of the board of management of the Global Market's
Authorities administration or bureaus, or the employees appointed by any of them, and their
delegates, shall not be liable to third parties for any act or omission committed in relation to
carrying out their duties and powers identified by this law, or the Global Market's Regulations.
9. In order to achieve their objectives, the Global Market and the Global Market Authorities may
build cooperative and coordination relationships with third parties inside and outside the
Emirate. To this end, they may conclude agreements, contracts and memoranda of
understanding.
10. It shall not be permissible for any Global Market's Establishment to assign any license issued
to it except with the approval of the Board of Directors.
11. No Person may carry out any commercial, economic or professional activity or any other

Law No. (4) of 2013
Concerning Abu Dhabi Global Market
17
activity within the Global Market unless registered with the Market Registration Bureau.
However, Persons licensed by the Abu Dhabi Economic Development Department prior to the
effective date of this law to carry out economic, commercial or professional activity within the
geographical area of the Global Market shall be permitted to maintain these licences and
continue to carry out such activities specified in the licences issued by the Abu Dhabi Economic
Development Department and shall not be subject to the provisions of this law or the Global
Market's Regulations unless they surrender their Abu Dhabi Economic Development
Department licences and obtain a licence from the Board of Directors or any of the Global
Market's Authorities.
12. All transactions relating to the transfer of ownership of land located within the geographical
boundaries of the Global Market shall be governed by the real estate laws of the Emirate and
all its implementing resolutions.

Article 23 — Administrative Penalties and Fines ¶

 Any Person who carries out any commercial or financial activity contrary to the provisions of
this law or the Global Market's Regulations shall be punishable with a fine of not less than
5000 United Arab Emirates Dirhams and not exceeding the higher of 50 million United Arab
Emirates Dirhams and 10% of the value of the relevant transaction.
 The Board of Directors shall issue a schedule of contraventions and fines applicable thereto
provided always that such fines shall not exceed the maximum specified in the previous
paragraph of this Article.
 The Board of Directors may introduce, amend, remove any of the contraventions stipulated
in the referenced schedule. The schedule shall include the contraventions that would be
committed by the Global Market's Establishments and the applicable administrative
sanctions which would apply to such Global Market's Establishments including the issuance
of a notice and a warning, the suspension of the licence or its withdrawal. The Global Market's
Authorities shall be authorised to implement the fines and administrative sanctions specified
in the schedule referred to above.

Article 24 ¶

Any text or provision contrary to or inconsistent with the provisions of this law shall be repealed.

Law No. (4) of 2013
Concerning Abu Dhabi Global Market
18

Article 25 ¶

This law shall be published in the Official Gazette and effective from the date of its issuance.
Khalifa Bin Zayed Al Nahyan
Ruler of Abu Dhabi
Issued by us in Abu Dhabi
Date: 19 February 2013
Corresponding to:
9 Rabeea’ Al-Akhir 1434 Hijri