Unlocking the Emirates:

A fund manager’s guide to the UAE

Contents
Executive Summary..................................................................................................................... 3
Introduction: About the UAE...................................................................................................... 4
Policies to attract global business and investment............................................................................................... 4
Ten-year agenda for economic growth................................................................................................................... 5
The financial free zones............................................................................................................................................ 5
The Dubai International Financial Centre (“DIFC”)................................................................................................. 6
Abu Dhabi Global Market (“ADGM”)........................................................................................................................ 6

Roadmap to the UAE’s regulatory landscape........................................................................... 7
Compliance and legal considerations..................................................................................................................... 7
Key regulatory authorities........................................................................................................................................ 7

Tax implications and incentives............................................................................................... 10
Corporate tax incentives.........................................................................................................................................10
VAT considerations..................................................................................................................................................10
No personal income tax..........................................................................................................................................11
Double tax treaties...................................................................................................................................................11
FATCA and CRS.........................................................................................................................................................11

Opportunities and investment trends.................................................................................... 12
A hub for hedge fund operators............................................................................................................................12
A robust real estate sector......................................................................................................................................12
Greater scope for private equity funds.................................................................................................................13
A surge in venture financing...................................................................................................................................13
The IPO landscape...................................................................................................................................................13
Growing demand for Islamic financial instruments............................................................................................14
An expanding debt market.....................................................................................................................................14
Increased support for ESG initiatives....................................................................................................................15

Setting up a fund........................................................................................................................ 16
In the DIFC.................................................................................................................................................................16
Fund vehicles............................................................................................................................................................16
Fund types.................................................................................................................................................................16
In ADGM.....................................................................................................................................................................17
Fund types.................................................................................................................................................................17
Fund vehicles............................................................................................................................................................17
Fund structures........................................................................................................................................................18
Obtaining a VASP Licence to engage in virtual asset activities	�������������������������������������������������������������������������18

The regulatory application process......................................................................................... 19
Living and working in the UAE................................................................................................. 20
How to hire and manage talent.............................................................................................................................20
Living in the UAE.......................................................................................................................................................21

About Apex UAE.......................................................................................................................... 22
References................................................................................................................................... 23

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Executive summary
The United Arab Emirates (“UAE”) is emerging
as a world-leading destination for asset
managers, hedge funds, and private equity
firms looking to expand their presence. It
offers a range of fund management options
and significant access to capital.
The growing wealth in the Middle East, Africa, andSouth Asia (“MEASA”) region is sparking increased
demand for tailored fund management services.
With an estimated AED 3.67 trillion in assets
expected to be passed on to the next generationin the Middle East over the next decade, theUAE’s strategic location, sophisticated financial
infrastructure, and business-friendly climate make it
an appealing base for global funds seeking regional
exposure. (DIFC n.d.)

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The UAE’s asset management industry continues
to show remarkable growth. In 2023, the Dubai
International Financial Centre (“DIFC”) saw a 26%
increase in active companies, reaching 5,523, with 1,451
new registrations marking a 34% year-on-year increase.
Notably, the number of FinTech and innovation firms
rose by 31% to 902. Nearly two-thirds of hedge funds
based in the DIFC hail from the US and the UK, with
two of the globe’s top ten largest hedge funds included
among them. (DIFC n.d.). Meanwhile, Abu Dhabi Global
Market achieved a record 211% increase in assets undermanagement in 2023, affirming its role as a dynamic
financial hub.
This guide is intended for fund managers interested
in establishing a presence in the UAE for investment
management or capital raising purposes.

3Introduction: About the UAE
A constitutional federation, the UAE comprises sevenemirates: Abu Dhabi, Dubai, Sharjah, Ajman, Fujairah,
Umm Al Quwain, and Ras Al Khaimah. These emirates
gained independence following the British departurefrom the Gulf region in 1971.
Located on the Arabian Peninsula and borderedby the Arabian Gulf and the Gulf of Oman, the UAE
serves as a strategic link between East and West. This
positioning makes it a focal point for international
trade and investment, offering a gateway to highgrowth emerging markets in the Middle East and North
Africa, as well as increasingly in South Asia, Central
Asia, and Sub-Saharan Africa. The UAE offers excellent
connectivity, with one-third of the world’s population
within a four-hour flight (Air Cargo Week 2024).
The government is actively transitioning toward aknowledge-based economy, with a focus on innovationin technology and sustainable energy. The UAE’s
stable political and economic environment, advanced
infrastructure, mature financial markets, and continuous
strategic reforms position it as an attractive location forinternational businesses and foreign direct investments.
Business-friendly policies, such as freedom for capital
repatriation, streamlined workforce entry, and incentives
for foreign investors, further enhance its appeal.
Arabic culture shapes daily life and business practices.
Known for its welcoming environment, the UAE ishome to over 200 nationalities (UAE Ministry of Foreign
Affairs n.d.). While Arabic is the official language,
English dominates in business and daily interactions,alongside widely spoken Hindi, Urdu, and Persian.

Policies to attract global business andinvestment
The UAE has implemented several fiscal, regulatory,
and social regimes to enhance its commercial andinvestment appeal. These include:
Ease of doing business
The World Bank named the UAE as the top-performing
country in the Gulf region for ease of doing business,ranking it 16th among 190 countries globally (WorldBank 2019).

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Foreign exchange controls
There are currently no foreign exchange controls that
may impact the repatriation of capital or profits.
Personal income tax
There is no personal income tax levied at the federal or
emirate level.
Currency
The Arab Emirati Dirham (“AED”) is pegged to the US
dollar (“USD”) at a constant exchange rate of 1 USD =AED 3.6725 with the aim of ensuring currency stability
and facilitating international trade (UAE Government
Portal n.d.).
Federal budget
The UAE’s federal budget for the period 2022-2026
totals AED 290 billion, making it the most substantial
expenditure plan in the nation’s history. This budget
focuses on social development, improved government
services, execution of federal projects, and economic
growth (UAE Ministry of Foreign
Affairs n.d.).
Foreign ownership laws
The government revised the federal Commercial
Companies Law to allow foreign investors to fully own
certain businesses. Previously capped at 49%, foreign
investors are now permitted to fully own up to 100% of
shares (UAE Government Portal n.d.).
Technological innovation
Ongoing investment in technological infrastructure
and innovation makes the UAE an attractive hub fordigital assets, fintech, and blockchain enterprises.
Personal freedoms and social policies
Reforms to personal laws have improved rights andfreedoms for foreign nationals, including amendments
to laws governing alcohol consumption andcohabitation of unmarried couples.
Work permits
In May 2023, the Federal National Council, which
serves as the parliamentary body of the UAE, hasapproved a three-year work permit.

4Ten-year agenda for economic growth
These developments contribute to the ten-year
economic growth agenda unveiled by His Excellency
Sheikh Mohammed bin Rashid Al Maktoum, Vice
President and Ruler of Dubai, in November 2023. This
agenda introduces ten key principles for the UAE’s
economic advancement, which broadly focus on:
1.	Strengthening the UAE’s position as a globally
open free-market economy
2.	Providing an environment that attracts andnurtures top talent
3.	Investing in the digital economy
4.	Integrating young Emirati talent in the country’s
economic model
5.	Managing a sustainable and balanced economy
6.	Offering a strong and stable financial system
7.	Providing a robust and fair legislativeenvironment
8.	Upholding the principles of transparency and therule of law
9.	Developing and operating an advanced banking
system10.	Delivering the world’s finest transport andlogistics infrastructure(UAE Government Portal n.d.)

The financial free zones
The UAE has established a series of free zones tosupport its economic diversification and to attract
foreign investment. These zones offer a range ofbenefits designed to simplify the process of setting
up and operating a business, catering to the needsof a global business audience. A key example of theirimpact is in Dubai, where free zones have attracted
56% of the world’s Fortune 500 companies and morethan 200,000 registered companies (Visit Dubai n.d.).

The UAE has been removed from the
FATF global ‘grey list’ and EU financial‘blacklist’Two years after being placed on the Financial
Action Task Force’s (“FATF”) global ‘grey list’ forjurisdictions requiring increased monitoring,
the UAE has been officially removed from thelist. This delisting, achieved in March 2024,
reinstates the UAE’s credibility on the global
stage and marks a significant effort by the
UAE to bolster its financial oversight andanti-money laundering (“AML”) and counterterrorist financing (“CFT”) practices.
It’s crucial to note that removal from the ‘grey
list’ does not imply a relaxation in the UAE’s
vigilance against financial crimes. The reforms
and measures adopted during the monitoring
period are designed to be enduring. The FATF
has announced that it ‘welcomes the UAE’s
significant progress in improving its AML/
CFT regime’ and has stated that ‘the UAE istherefore no longer subject to the FATF’s
increased monitoring process’ (Financial
Action Task Force 2024).
Furthermore, in February 2024, the Council of
the European Union proposed removing the
UAE from what is commonly known as theEU’s ‘blacklist’. This list identifies third-country
jurisdictions considered high-risk to theEU’s financial system due to deficiencies in
AML/CFT measures. However, the European
Parliament blocked this move, in recognition
that the country has much more work to do.

Within the UAE, the Dubai International Financial
Centre (“DIFC”) and Abu Dhabi Global Market (“ADGM”)
are two principal free zones dedicated to financial
services, offering a regulatory environment that
supports the growth of finance and business activities.

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5The Dubai International Financial Centre(“DIFC”)
The DIFC is a purpose-built financial free zone locatedin Dubai. Established to drive economic growthand development in the UAE and the wider region,
the DIFC offers a secure and efficient platform forbusiness and financial institutions. It is known for
its robust legal framework, which incorporates
English common law to create a familiar and reliable
environment for international finance.
The DIFC is home to hundreds of financial institutions,
including top investment banks, asset management
firms and insurance companies. The wealth and asset
management industry in the DIFC comprises morethan 330 companies and is valued at over USD 450bn,
with assets under management amounting to over
USD 165bn (DIFC n.d.).

Abu Dhabi Global Market (“ADGM”)
Situated on Al Maryah Island in Abu Dhabi, ADGM isa broad-based international financial cluster for local,
regional, and international institutions. The Market’s
three independent authorities – the Registration
Authority, the Financial Services Regulatory Authority(“FSRA”), and ADGM Courts – ensure a well-regulated
and business-friendly environment.
ADGM has established an attractive regulatory,
legal and tax environment for fund managers.
Its fund framework delivers competitive costs
and swift market entry, alongside minimal capitalrequirements on a global scale. Additionally, there areno salary limitations imposed on fund managers. Its
comprehensive facilities and services support a varietyof business needs, from office space to networking
opportunities.
Fund managers have the capability to set up a variety
of fund types within ADGM, including mutual funds,
hedge funds, private equity funds, property funds,
Real Estate Investment Trusts (“REITS”), listed funds,
Shariah-compliant funds, and venture capital funds.
These funds are regulated and protected to varying
degrees based on their target audience. For instance,
retail funds available through public offerings face
one set of regulations, while funds offered exclusively
to professional and selected clients through private
placements adhere to a different set of regulations
appropriate to the fund type.

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6Roadmap to the UAE’s regulatory landscapeCompliance and legal considerations

Legal system

Judicial system

Jurisdictions

The UAE operates as a federation
governed by a constitution thatoutlines how legislative powers
are shared between the federal
government, with Abu Dhabi
as the federal capital, and its
seven individual emirates. Whilefederal laws take precedence
over emirate-level laws, theemirates have the authority topass their own laws in domains
not exclusively designated forfederal regulation. They are also
empowered to legislate in areas
where the federal government has
not yet enacted laws. The legal
framework of the UAE is basedon two main influences: civil law
principles, predominantly drawn
from Egyptian law, and Islamic
Shariah law (Baker McKenzie 2023).

There is a combination offederal and emirate-level courts
with parallel local jurisdictions,depending on which system
the emirate has opted for. Eachemirate is entitled to either
establish its own judiciary or merge
with the federal court system. The
UAE Federal Supreme Court, which
has its seat in Abu Dhabi, is thehighest court in the federal judicial
system. The DIFC and ADGM havetheir own courts, which are basedon the English judicial system(Baker McKenzie 2023).

In the UAE, companies can choose
to operate in the mainland forgeneral market access, in industryspecific free zones for targeted
benefits, or through offshore
entities. Each jurisdiction offers
distinct regulatory and operational
advantages. For instance, there
are more than 40 free zones thatallow 100% foreign ownership ofbusinesses. Mainland businessregulations also permit 100%
foreign ownership in specificeconomic activities and sectors(UAE Government Portal n.d.).

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Key regulatory authorities
The SCAThe Emirates Securities and Commodities Authority(“SCA”) is the federal regulatory authority responsible
for overseeing the securities and investment sector
in the onshore jurisdiction of the UAE. The SCA’s
mandate includes monitoring and regulating the
UAE’s financial markets, including the Dubai Financial
Market (“DFM”), the Abu Dhabi Securities Exchange(“ADX”), and the Dubai Gold & Commodities Exchange(“DGCX”). All securities-related activity falls within the
SCA’s regulatory scope, except for those carried out in
the DIFC and ADGM.
In January 2023, the SCA restructured its investment
funds system by introducing several significant new
regulations. These changes, part of the UAE’s broader“We the UAE 2031” vision, aim to “reinvigorate”
the UAE’s asset management sector as well as
safeguard UAE investors by reducing regulatory
discrepancies. They also aim to align mainland UAE’s
investment management regulations and foreign fundpromotion rules more closely with those of other Gulf
Cooperation Council (“GCC”) member states.
According to the SCA, the fund passporting
arrangement involving the SCA and the regulatory
bodies of both DIFC and ADGM remains unchangedby the introduction of these new regulations. Fundmanagers in DIFC and ADGM may market funds basedin these free zones to retail and professional investors
across mainland UAE, provided they adhere to thespecific rules of the arrangement (SCA 2023).
The DFSAThe DIFC has its own robust regulatory and legal
framework that provides a safe and secure platform
for conducting business. The Dubai Financial Services
Authority (“DFSA”) is the independent regulator
responsible for overseeing and regulating of financial
services within or from the DIFC. The Authority’s
stated approach is: ‘to be a risk-based regulator and to
avoid unnecessary regulatory burden’ (DFSA n.d.).
The DFSA’s regulatory scope covers asset
management, banking and credit services, securities,
collective investment funds, custody and trust

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GCC fund passporting regime
Discussions are ongoing to establish unified
foreign fund passporting rules across theGulf Cooperation Council (“GCC”), aimed atstreamlining investment activities across theregion. The goal of this initiative would be
to facilitate the cross-border distribution offunds without adhering to each host country’s
unique regulatory demands. The exact
timeline remains uncertain, as it requires thedrafting of a new regulatory framework thatwill define uniform standards and fund types.
As mentioned, the SCA updated its rules on
the distribution of foreign funds in the UAE in
January 2023, introducing several significant
new regulations that bring mainland UAE’s
investment management regulations andforeign fund promotion rules closer in linewith those of several other GCC member
states. This could be viewed as a step towards
unifying GCC-wide rules.

services, commodities futures trading, Islamic finance,
insurance, an international equities exchange, and aninternational commodities derivatives exchange. It
also oversees the enforcement of AML/CFT laws within
the DIFC.
Recent initiatives to strengthen ties between the DFSA
and local and global regulatory entities include:•	
Signing a Memorandum of Understanding with
the UAE’s Financial Intelligence Unit to enhancecollaboration on AML/CFT/CPF initiatives.
•	Partnering with the Hong Kong Monetary
Authority to explore new policy and regulatory
responses to support and enable climate financein the Middle East and Asia.
•	Introducing a regulatory fee waiver for issuers
aiming to list sustainability-related debt securities
in the DIFC throughout 2024, with the goal ofaccelerating the development of sustainable
capital markets (DFSA n.d.).

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The FSRAVARA

The ADGM has established a progressive regulatoryenvironment designed to support the growth anddevelopment of businesses within a global financial
hub. It operates under an independent, English
common law framework, in line with international
best practices. Corporate disputes are either litigatedor arbitrated in English within the ADGM court system.

The UAE is emerging as a key player in shaping arobust regulatory framework for the virtual assets
industry. Founded in February 2022, the UAE’s Virtual
Assets Regulatory Authority (“VARA”) is the world’s firstindependent regulator for virtual assets, tasked withregulating and supervising the provision, use, andexchange of virtual assets in and from the emirate ofDubai. This framework aims to encourage innovation
while providing guardrails that ensure consumer
safety, market integrity, and cross-border financial
security.

The Financial Services Regulatory Authority (“FSRA”) is
the key regulatory body overseeing financial services
activities within ADGM, ensuring adherence tointernational best practices and standards. The FSRA
oversees a wide range of financial services includingbanking, asset management, insurance, and capital
market activities, while also upholding high AML/CFT
standards.
For investment funds, the Authority has introduced
sector-specific regulatory frameworks. These include
a regime for Private Real Estate Investment Trusts(“REITs”), allowing managers to privately offer REITs
without going public, and a Venture Capital FundManager (“VCFM”) scheme that reduces regulatoryburdens for eligible VCFMs, including eliminating theneed for regulatory capital.
The FSRA allows both local and external fundmanagers to establish funds in ADGM using various
structures, including Shariah-compliant options.
ADGM-based managers can also operate funds
located outside the free zone. Furthermore, certain
firms are permitted to market and distribute ADGM
and non-ADGM funds within and from this jurisdiction(ADGM 2020).

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Companies looking to conduct virtual asset activities
in Dubai, outside the DIFC, must obtain a Virtual Asset
Service Provider (“VASP”) License. Applications areprocessed through Dubai’s Department of Economy
and Tourism (“DET”) for onshore businesses and therespective free zone authority for those in free zones,
excluding the DIFC. This compulsory license, vital for
offering virtual asset services in Dubai, is valid for one
year and requires annual renewal. The VARA licensing
framework encompasses various services including
advisory, broker-dealer, custody, exchange, lending
and borrowing, management and investment, andtransfer and settlement (VARA 2024).
In contrast, the DIFC has enacted new digital assets
laws, which entered into force on 8 March 2024. The
DIFC New Digital Asset Law (Amendment Law, No. 3 of2024) amends other existing regulations to align themwith the new digital assets and revised security regimes.

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Tax implications and incentives
The Middle East is experiencing an increasing waveof tax reforms, with the UAE introducing several new
regimes. These include:•	Excise tax in October 2017
•	
Value-added tax (“VAT”) in January 2018
•	
Economic Substance Regulations in April 2019•	Country-by-Country (“CbC”) Reporting in April 2019•	Federal corporate tax (“CT”) in 2022, impacting
taxpayers for financial years commencing on orafter June 1 2023

VAT considerations
Since January 2018, the UAE has implemented astandard VAT rate of 5%. Anyone conducting abusiness in the UAE with taxable and other qualifying
supplies exceeding AED 375,000 over 12 months
must register for VAT within 30 business days after
surpassing this threshold.
The supply of goods within certain free zones (thosethat qualify as designated zones for VAT) are notsubject to VAT, provided specific criteria are met.
However, services provided within these designatedzones are still taxable under UAE VAT regulations.
A VAT exemption applies to:

Corporate tax incentives
Companies and, in some cases, branches that areregistered in a free zone, are considered taxable
persons under the UAE CT Law. They are therefore
obliged to meet normal compliance obligations,
including transfer pricing requirements.
However, provided a free zone entity meets certain
conditions, it should be eligible for a 0% UAE CT rate on
its qualifying income. Any income that does not qualify
will be liable for CT at a rate of 9%.

•	
Certain financial services•	
The subsequent supply of residential real estate•	Transactions in bare land•	Domestic passenger transport(PwC, 2024)

To be eligible for the 0% UAE CT rate, an entity mustmeet the following conditions:•	
Be a legal entity incorporated, set up or registeredin a free zone, including branches•	
Maintain adequate substance in the UAE(in a free zone)•	Earn qualifying income•	
Not opt for the standard UAE CT regime
voluntarily•	Adhere to all transfer pricing rules andrequirements•	
Ensure its non-qualifying income stays within
minimal threshold limits•	
Produce audited financial statements

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No personal income tax

FATCA and CRS

The UAE does not impose personal income taxes.
The only exception involves government employees,
who must contribute to social insurance.

Financial institutions in DIFC and ADGM, as partof the UAE, are required to comply with the US
Foreign Account Tax Compliance Act (“FATCA”)
and the Organisation for Economic Co-operation
and Development’s (“OECD’s”) Common ReportingStandards (“CRS”). These regulatory frameworks
are aimed at preventing tax evasion and promoting
transparency.

Double tax treaties
The UAE offers an extensive double tax treaty network,
having concluded close to 140 Avoidance of Double
Taxation Agreements (“DTAs”). According to the UAE
Ministry of Finance, the purpose of these agreements
is to “eliminate double taxation, additional taxes,
indirect taxes, and fiscal evasion” (UAE Ministry of
Finance n.d.).

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There are specific exemptions and exclusions forcertain types of accounts and entities under both
frameworks. However, as these criteria can becomplex to navigate, it’s important for fund managers
to carefully review the regulations and, if necessary,consult with legal or compliance experts to determine
their reporting obligations and any applicable
exemptions.

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Opportunities and investment trends
The GCC asset management industry is expected to
expand substantially in the coming years, surpassing
the global average growth rate. Onshore assets
under management are projected to increase tonearly US$500bn by 2026, up from $400bn at theclose of 2022 (Strategy& n.d.). This growth indicatesconsiderable opportunities for fund managers to build
investment products specifically designed for theregion’s investor base.
Simultaneously, the substantial pools of wealth in the
Middle East, Africa, and South Asia (“MEASA”) region
are creating an increasing demand for specialist fundmanagement services. The community of ultra-highnet-worth individuals in the Middle East is expected torise by up to 25% over the next five years. Saudi Arabia
alone is home to 224,000 millionaires and Qatar has thehighest number of millionaires per capita in the world(Hanover 2023).
Both institutions and high-net-worth individuals require
experts based in the region to address their uniqueinvestment requirements.

A hub for hedge fund operators
The UAE is establishing itself as a key destination
for international hedge fund operators, driven by its
growing capital pool. Dubai alone is home to 72,000
millionaires and the UAE holds an estimated USD
996bn in private wealth, with expectations for a 40%
increase in high-net-worth individuals by 2031.
The DIFC saw a 125% increase in hedge fund managers
establishing operations in 2023. At present, around
two-thirds of the hedge funds based in the DIFC comefrom the US and UK, encompassing two of the world’s
top 10 largest hedge funds.
Additionally, there has been growing interest fromthe UAE’s sovereign wealth funds and state-owned
institutions in alternative investments such as hedge
funds. With investments in hedge funds by sovereign
wealth funds rising by 11% to USD 498bn in 2022,

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the UAE presents a compelling opportunity for bothinternational and regional fund managers seeking toestablish or broaden their presence in this dynamic
market (UAE Ministry of Foreign Affairs n.d.).

A robust real estate sector
The growth of the UAE’s real estate sector, spurred by
the country’s strategic diversification efforts away fromoil, is creating broad opportunities for a diverse setof investment entities, from property funds and Real
Estate Investment Trusts (“REITs”) to sovereign wealthfunds, family offices and others looking to diversify
their portfolios. With the real estate sector’s expansion,high rental yields and the country’s strategic
developments, there are numerous opportunities
for investment in residential, commercial, retail,hospitality, and industrial properties.
In Dubai, the resilience of the occupier market isevident with a 34.7% year-on-year increase in rental
contracts as of the last quarter of 2023, according
to the Dubai Land Department. This surge has
buoyed rental rates across office market segments,
with increases ranging from 8.0 to 20.3%. Similarly,
Abu Dhabi has seen rental growth in its office andresidential markets, with average prime office rents
and apartment prices witnessing upward adjustments.
The residential sales market in Dubai experienced
robust growth, rising by 29.6% in 2023 compared tothe previous year, and saw significant price increases
in both apartments and villas.
The hospitality sector is also contributing to the realestate market’s sound performance, with a notable risein occupancy rates by 4.5 percentage points year-onyear in 2023, reflecting the country’s growing appeal asa global tourism and business destination.
In the retail and industrial sectors, rental performance
has improved. Average retail rents in Abu Dhabi andDubai grew by 10.7% and 17.6% respectively, while
industrial rents in both cities saw substantial increases(CBRE 2024).

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Greater scope for private equity funds
An increasing number of private equity funds are
setting up offices in the UAE, aiming to deepen theirties with the region’s affluent sovereign wealth funds
and families. While the Gulf has traditionally been areservoir of capital for investments abroad, there’s anotable shift towards investments within the region.
Private equity funds are now actively investing in
local businesses, establishing on-the-ground teams,
and contributing to the growth of the region’s asset
management industry.
Simultaneously, regional companies are seeking
private capital to support their expansion. Familyowned businesses and conglomerates, experiencing
growth in size and complexity, are acknowledging theadvantages offered by private equity, such as financial
resources and strategic guidance. The widespreadfragmentation in various industries and sectors creates
ideal conditions for private equity firms offering
consolidation activities.
Furthermore, a trend toward public-private
partnerships is emerging as governments in the region
adapt their strategies, providing a fertile ground for
private equity investments. Institutional investors andwealthy individuals are also showing an increasing
interest in diversifying their investment portfolios withprivate equity opportunities focused on the region,
thereby broadening the scope for private equity
ventures in the Gulf.

A surge in venture financing
Venture capital has experienced remarkable growthover the last ten years in the MENA region, evolvingfrom early seed stage funding to a point where Dubaibased startups are securing Series E and F financing.

There’s a growing consensus among investors about
the need for both seasoned local venture capitalists
and influential regional and international investors to
support local startups in expanding both regionallyand globally. In recent years, global venture capitalists(“VCs”) have become more involved in funding rounds
within the region. The year 2022 marked a peak ininternational investment in Dubai-based startups, witha substantial rise from the previous year.

The IPO landscapeThe creation of the Abu Dhabi Securities Exchange(“ADX”) and the Dubai Financial Market (“DFM”) in
the early 2000s marked the beginning of efforts toencourage capital inflows into the UAE. In recent years,
the UAE’s capital markets have expanded their productofferings, seen a swift rise in Initial Public Offering(“IPOs”), and attracted enhanced market liquidity,
marked by significant global capital inflows.
In 2023, MENA markets witnessed 48 initial public
offerings (“IPOs”), raising a total of US$10.7bn. In Q4,
ADX welcomed three IPOs, generating US$1.8bn; andthere was one new listing on the DFM, worth US$315m(EY 2024).
The GCC could be headed for another significant year
in IPOs in 2024, with 29 companies set to go public.
Key drivers include regional governments’ privatisation
efforts, private sector companies’ increasing desire
to generate capital and robust investor interest.
Even with varying results from companies that went
public last year, the market sentiment continues to bepositive. A notable example is the Abu Dhabi-based
Lulu retail chain, which is gearing up for a major $1bn
IPO (Arabian Gulf Business Insight 2024).

According to the Dubai Chamber of Commerce, theregion has seen a notable increase in the developmentof scale-ups, which are startups that have garnered atleast US $1m in capital. In 2022, MENA witnessed 749
scaleups across 19 countries attracting a total of US$
19.5bn in funding. This is a significant leap from 2021’s
591 scaleups and US$13.0bn in raised capital, marking
a 50% increase from 2021 to 2022 (Dubai Chamber ofCommerce 2023).

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Growing demand for Islamic financial
instruments
The UAE ranks as the fourth largest Islamic financemarket globally. Here, the industry has seen
substantial growth and diversification, encompassing
Islamic banking, finance, takaful (Islamic insurance),and sukuk (Islamic bonds).
The Islamic finance sector has become a crucialcomponent of the UAE’s broader financial landscape,supported by a regulatory framework that aligns with
Sharia and legal standards. Islamic banking assets
constitute 23% of the UAE’s total banking assets andhave demonstrated a 16% growth over the past five
years. Additionally, the UAE’s sukuk market is on therise, further stimulated by the federal government’s
introduction of local-currency Treasury sukuk,
encouraging further issuances in the market.
The UAE has undertaken several initiatives to create
a conducive legislative environment and facilitatea more uniform approach to Sharia compliance,
aiming to enhance stability and spur innovation. Key
developments include the enactment of the UAE’s
Commercial Transactions Law (Federal Decree-Law No.
50/2022), which has provided much-needed legal clarity.
Fund managers have an opportunity to tap into theincreasing demand for Islamic financial instruments
among both domestic and international investors,
leveraging the UAE’s position as a leading Islamic
finance hub (Central Bank of UAE 2023).

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An expanding debt market
The UAE has been proactive in developing its debt
market, including government and corporate bonds,
sukuk, and syndicated loans, offering fund managers avariety of investment avenues.
The UAE’s debt market expanded by 10% in 2023,
hitting $270bn. Growth is expected to continue, due
to capital market developments and more diverse
funding sources, with the market surpassing $300bn
in the next couple of years. However, higher interest
rates and oil prices could pose challenges.
The Fitch Credit Ratings for UAE Islamic bond (sukuk)
issuers are mostly stable, with nearly all of themconsidered investment grade. The mix of Islamicbonds and local currency (Dirham) issuances in the
UAE’s debt market is expected to increase, driven by
the government’s new monetary policies, efforts todiversify funding and strong demand from investors,
including UAE banks with plenty of cash. The portion of
Dirham in the total debt market increased significantly
from 2020 to 2023, with the rest mainly in US dollars.
The amount of debt focused on environmental, social,and governance (“ESG”) goals has surged by 165%
year-on-year, with 40.2% in Islamic bonds (sukuk).
The Higher Sharia Authority has encouraged banks
to include sustainable Islamic bonds and financing intheir offerings (Fitch Ratings 2024).

14

Increased support for ESG initiatives
Across the Middle East, governments and financial
institutions are beginning to acknowledge theimportance of the shift towards sustainable lending
practices aimed at supporting ESG goals. Manyare integrating sustainability into their economic
strategies, which are already focused on moving
away from oil and gas reliance.
The UAE has been at the forefront of addressing
climate change in the GCC region. In the last ten
years, the government has formulated strategies anddirected investments towards significant domestic
and international projects to promote sustainability.
This includes hosting the Noor project, the world’s
largest single-site solar power plant, and investingin Masdar City, an initiative aimed at creating asustainable urban environment in Abu Dhabi.
In 2022, the UAE pledged to achieve net zero
emissions by 2050, aligning its economy with theParis Agreement. The following year, it hosted the
COP28 UN Climate Change Conference in Dubai,
where the DFSA announced a waiver of regulatory
fees for listing sustainability-related debt securities

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in the DIFC for 2024, demonstrating a commitment
to fostering sustainable capital markets. Emirates
NBD Bank PJSC was the first to benefit from thisinitiative; and the DFSA has since observed a surge inapplications from entities keen to take advantage ofthis financial incentive, signifying a robust interest in
sustainable finance (DFSA 2024).
There has been much discussion around thesynergies that ESG investing and Islamic financeshare, particularly in their commitment to stable
investments aimed at generating positive, sustainableoutcomes for society and the environment. Islamic
finance uniquely incorporates ethical practices suchas prohibiting profit from lending and directing
penalties from delayed payments to charitablecauses, often supporting ESG goals.
Although Islamic finance and ESG investing differ
in several areas, including their approaches togoal setting and engagement, there is a unique
opportunity to merge ESG investment strategies with
Shariah-compliant practices. This could lead to thecreation of innovative financial products that serveboth ESG objectives and Islamic finance principles,
marking a significant step forward in the developmentof ethical and sustainable finance.

15

Setting up a fundIn the DIFC

Fund vehicles

To set up and manage a fund in the DIFC, an entity
must be either a DFSA-licensed fund manager or an
external fund manager.

Three types of vehicles can be used to establish a
Domestic Fund in the DIFC:DFSA-licensed fund manager
To obtain a DFSA licence, it’s necessary todemonstrate that:•	
There are suitable systems and controls in place
to manage the proposed fund•	
The individuals performing specific functions
within the firm, including board members,senior management, compliance, and othercontrol functions, meet the relevant criteria for
professional suitability and integrity
External fund manager

1.	
Investment companies
2.	
Investment trusts
3.	
Investment partnerships

Fund types
The DFSA’s Fund Regime allows for the following types
of funds.
Public funds•	
Offer enhanced safeguards for a broader investor
base, including retail investors.

A fund manager from an acceptable jurisdiction may
establish and manage a Domestic Fund without having
to obtain a DFSA licence, provided:•	
Require fund managers to add a RetailEndorsement to their license.

•

Exempt funds

It is a body corporate•	
It operates the Domestic Fund from an office
in a region that is either on the DFSA’s list of
Recognised Jurisdictions or is deemed by the
DFSA to have sufficient regulatory oversight•	It agrees to adhere to the laws of the DIFC and to
submit to the jurisdiction of its court•	
It appoints a DFSA-licensed fund administrator ortrustee to carry out specified functions•	
Benefit from a fast-track notification process (DFSA
aims for completion within 5 days).
•	
Attract fewer regulatory requirements than Public
Funds.

Qualified investor funds (“QIF”)•	
Involve a lighter touch regulatory approach.
•	
Require self-certification regarding the adequacy ofsystems and controls.
•	
Enjoy a fast-track notification process (DFSA aims
for completion within 2 days).
•	May be established in the DIFC by a DFSA-licensed
fund manager or by an external fund manager.

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16

In ADGM
The fund management framework of ADGM offers avariety of choices for carrying out fund management
activities. ADGM fund managers are allowed tooversee funds within ADGM as well as those basedoutside of the jurisdiction. Foreign fund managers
that meet certain criteria are also allowed to manage
funds within ADGM. Additionally, certain firms are
granted permission to market funds that are notbased in ADGM.

The following options are available for Domestic
Funds. These include those that are established anddomiciled in ADGM, those that have an ADGM-basedor foreign fund manager, and those that are marketedin or from ADGM.

Fund types
Public funds

Exempt funds

Qualified investor funds (“QIF”)•	
Intended for retail clients andmade available by public offer.

•	Intended for sale to professional
clients by private placement.

•	Attract a higher level of regulatory
scrutiny.

•	
Attract fewer regulatory
requirements than Public Funds.

•	
Intended only for sale to market
counterparties and sophisticatedprofessional clients by private
placement.

•	
Require registration with the
FSRA involving lodgement of aprospectus.

•	
Fund manager needs only to notify
the FSRA before the initial offer ofunits.

•	
Subject to risk-diversification
requirements regarding
investment and borrowing powers.

•	No need to be initiated by thebroker and details of any service
providers involved.
•	
A relatively low minimum
investment level of USD 50,000.
•	
Not constrained by a maximum
number of investors.

•	Attract a comparatively lower levelof regulation than Exempt Funds.
•	
Only require notification to the
FSRA prior to the initial offer ofunits.
•	
No upper limits on investor
numbers.
•	
The minimum investment size is
USD 500,000.

(ADGM 2020)

Fund vehicles
Open or Closed Ended
Investment Companies

Limited Investment
Partnerships•	
Allow for theincorporation of afund vehicle using a
corporate entity underthe ADGM Companies
Regulations.

•	
Can be used as thebasis for ADGM fundstructures.

•	Open-ended: Enable
the operation of
traditional funds withregular subscription andredemption possibilities.
•	
Closed-ended: May
be used to structure alisted fund vehicle.

Investment Trusts•	Can be used as the basis
for funds in ADGM.
•	
A fund manager may
appoint an eligible
trustee through atrust deed to establish
an investment trustin accordance with
provisions in the
Financial Services andMarkets Regulations
2015.

Protected Cell
Companies (“PCC”)& Incorporated Cell
Companies (“ICC”)•	
ADGM permits the
structuring of funds andfund umbrellas using
PCCs and ICCs.
•	
Allows fund managers
to legally segregate theassets and liabilities ofeach cell while operating
under common
management.

(ADGM 2020)
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17

Fund structures
SPVs (Special Purpose Vehicles):These can be deployed by fund managers who are
DFSA-licensed for purposes such as segregating assets
or creating holding entities.
Restricted scope companies:
These are unique ADGM special purpose vehicles
which have the advantage of rapid and cost-effective
incorporation processes, with minimal public
disclosure obligations.
General partner SPV:Managers of funds structured as limited partnerships
may select a general partner SPV for their structuralneeds.

Alternatives include:
Master/feeder structures:
Within ADGM, funds have the flexibility to act as amaster fund, be a feeder into an international fund orserve as a feeder into another ADGM-based fund.
Umbrella funds:
ADGM’s regulatory environment supports the useof Umbrella Funds, allowing for a single fund toencompass multiple sub-funds, each with distinct
investment goals and policies.
(ADGM 2020)

Obtaining a VASP Licence to engage in virtual asset activities
As mentioned, firms aiming to operate in Dubai’s virtual asset sector, excluding DIFC, must obtain a VASP Licence.
Onshore businesses should apply through DET, while those in Dubai’s free zones (other than the DIFC) should
approach the respective free zone authority.
Applying for a VARA Licence is completed in two stages:

Stage 1:

Stage 2

Firms must first apply for initial approval toestablish a legal entity and begin setting up
their operations. This involves:

Following receipt of an Initial Approval, a firm
can apply for a VASP Licence. This involves:•
Submitting an Initial Disclosure
Questionnaire.
•	Providing additional documentation,such as a business plan and beneficial
owner details.
•	
Paying initial fees (typically 50% of thelicence application fee).
Once the review has been completed and thefirm receives an initial approval, the firm may
begin finalising its legal incorporation andoperational setup but will not be permitted tocarry out virtual asset related activities.

apexgroup.com•	Submitting documentation in line with
VARA guidance.
•	Providing additional documentation or
attending meetings and interviews asrequired by VARA.
•	
Paying the remaining portion of theapplication licence fees, as well as
supervision fees for the first year.
Upon approval, the VASP licence will be
issued. This may be subject to operational
conditions.
(VARA 2024)

18

The regulatory application process
When applying for regulatory approval to establish apresence in the UAE, organisations should:
Step 1: 	Speak to their advisor(s) to decide on therelevant jurisdiction
Step 2: 	Arrange for an initial conversation with theselected regulator
Step 3: 	Appoint a compliance consultant to manage
the application process
Step 4: 	Prepare an initial regulatory business planand review it with the regulator

Apex provides local knowledge andsupportWhen knowledge and resources are needed
during this process, Apex, a global providerof financial services, offers on-the-groundsupport. Since 2006, Apex has been providing
local fund services to clients in the Middle
East, operating from offices in Abu Dhabi,
Dubai, and Bahrain.
Assistance from Apex includes:

Step 5: 	Incorporate any initial guidance provided by
the regulator into the application•	
Offering legal, tax, compliance, and otheradvisory services.

Step 6: 	Submit the application along with therequired fees•	Facilitating initial conversations withselected regulators.

Step 7:•	Managing the application process
through the appointment of acompliance consultant.

Begin preparing the legal documents

Step 8: 	In parallel, start working on standard preapproval conditions, such as securing realestate, opening bank accounts, appointing
fund administrators, engaging a PR/marketing
agency, selecting custodians, and hiringexternal and internal auditors. Also, address
visa and expatriate issues for employees. This
may involve applying for and setting up a nonoperating company.
Step 9: 	Begin planning for the launch of the
new entity
Step 10: 	Start planning for capital raising or
distribution
Step 11: 	Upon receipt of the in-principle approval
from the regulator, convert to or establish
the operating company/entity in the selectedjurisdiction
Step 12: 	Submit all required proofs to complete therequirements for a full license to the regulator
Step 13: Receive final approval from the regulator
Step 14: Go live and launch the fund or entity

apexgroup.com

19Living and working in the UAE
How to hire and manage talent
Employment within ADGM and the DIFC is governedby their respective laws rather than the broader
UAE Labour Law framework. Despite these legal
distinctions, there are overarching employment trends
and developments across the country that employers
need to consider.
Strong employer branding
In this dynamic job market, companies are increasingly
focusing on enhancing the candidate experience toattract top talent. A positive interaction with potential
hires is crucial and businesses are investing in strong
employer branding and tech-enabled recruitment
practices for increased efficiency.

At the same time, the traditional Sunday-to-Thursday
working week in the UAE evolved. To align moreclosely with Western norms, there was a shift towards
adopting a Monday-to-Friday workweek. In January2022, the UAE adopted a four-and-a-half-day working
week for federal government entities, along withestablishing Saturday and Sunday as official weekenddays for the government sector.
Community involvement
Lastly, companies that are seen as contributing
positively to the wider society gain a competitive edgein the job market, positioning themselves as employersof choice for job seekers who value corporate
responsibility and community involvement.
Part of this could involve supporting local initiatives

The rise of hybrid and flexible working
arrangements

such as Emiratisation, a UAE government initiative that

The hybrid work model is another trend that has
taken hold in the region, with approximately 70% of
UAE companies offering this flexibility. By adopting
this model, businesses can position themselves as
progressive and adaptable employers in the eyes ofprospective candidates (DIFC 2023).

Effective from January 2023, private sector companies

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aims to integrate more nationals into the workforce.
are required to increase their Emirati workforce by
2% annually, aiming for a 10% quota. While this is notmandatory for entities within free zones, it reflects a
commitment to inclusivity and community involvement(UAE Government Portal 2023).

20

Living in the UAE
The UAE provides a high quality of life, featuring
modern accommodation, advanced medical facilities,
reputable international schools, and a well-developed
infrastructure. The vibrant cities of Abu Dhabi andDubai offer a variety of entertainment options suchas beautiful beaches, water sports, indoor skiing, finedining, and extensive shopping malls.
However, this lifestyle has its price, as the cost of livingin the UAE has risen in recent years. In a 2023 study ofthe most expensive cities in the world for international
employees, Dubai was ranked 18th and Abu Dhabi
43rd. Both have seen increases in their rankings sincelast year, with key drivers being higher rental, food,and transportation costs (Mercer 2023).

Local culture
Adapting to the conservative culture and dress code
can be an adjustment for some. Many women wear
the traditional hijab or abaya. While foreigners aren’t
expected to follow this custom, they are advised towear modest attire that covers shoulders and legs inpublic spaces.
The UAE government has recently expanded
personal freedoms for both expats and locals in the
country. Access to alcohol has been relaxed and the
cohabitation of unmarried couples is legal.
Ramadan represents the most sacred period in
the Islamic calendar. During this month, numerous
businesses adjust to shorter operating hours andprovide designated dining areas for non-Muslim staff.

Housing

Healthcare

In the UAE, rental prices are relatively stable, yetaccommodation remains a significant expense. To
rent, one needs a residence visa, passport, proof ofresidence, and income verification when signing alease. Housing standards are high, offering a varietyof choices including apartments with shared amenities
like gyms, saunas, and pools, and compound villas
with facilities such as medical clinics, tennis courts,
and restaurants.

The UAE has a high-quality healthcare system withadvanced facilities. The United Arab Emirates Cabinet
recently announced that beginning in 2025, privatesector companies must provide health insurance for
their non-national employees, extending a requirement
already in place in Abu Dhabi and Dubai to the otherfive emirates. Foreign nationals must undergo ahealth assessment to obtain a residence visa (UAE
Government Portal 2024).

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21About Apex UAE
As a global financial services provider with alongstanding presence in the Middle East, Apex
partners with investment managers, advisors, banks,
and family offices, addressing both their local andinternational needs across the region and beyond.
We have been delivering local fund services to clientsin the Middle East since 2006 and currently have ateam of over 850 regulatory, operational, and productexperts on the ground, ready to provide the required
capabilities and hands-on support. Our offices in Abu
Dhabi, Dubai, and Bahrain put us in close proximity
to our clients, allowing us to understand theirrequirements in a local context and tailor solutions totheir individual needs.
With global capabilities and local lens, Apex supports
a wide variety of fund strategies including hedge,
private equity funds, fund of funds, venture capital,
real estate, and macro funds. Our services cater toboth conventional and Shariah-compliant structures.
Through our single source solution, we deliver acomprehensive range of fund administration andinvestor services, including fund accounting and
NAV calculations, digital investor onboarding, SPV
administration, preparation of financial statements
and co-ordination of the audit process.

Our tailored real assets fund services leveragemanaged services at the property level, combinedwith property-level reporting, best-in-class dedicatedproptech software, and a local team of real assets
experts with extensive experience in servicing real
assets managers.
Apex provides local management company(“ManCo”) and middle office services alongsidevarious corporate and business support services.
Our local compliance experts assist with regulated
personnel outsourcing, licensing, regulatory
applications, and training. We also offer extensive
ESG and sustainability services through ourwider group.
Catering to Shariah-compliant investments, we
provide dividend purification, Shariah reporting,and Zakah calculations, in line with guidance from
Shariah advisors.
We are regulated by the Financial Services
Regulatory Authority, holding an ADGM license,
and the Dubai Financial Services Authority, the SCA,
and CBB for Bahrain, ensuring our operations meetstringent regulatory standards.
To find out more, please contact the team.

We service the whole value chain• P ortfolio monitoring• Corporate andbusiness Services• F
 oF look throughreporting• SPV administration• ESG carbon footprint
Reporting• P roperty administration• S PV setup/admin• T reasury services• T rustee services• Digital banking• G lobal custody• L oan agency• Compliance services• V aluation services• S ecurity agency• Capital markets services• H edge fund middle office• P aying agency

Capitalraising

Business andcorporate
management

Fund andinvestoradministration

Portfolio andinvestment
administration

European market
access and global
expansion• Distribution platforms• F und services• S uper ManCo• FundRock distribution• T ransfer agency• D epositary• Profilir• T rade support• A pex BASE

• Escrow• R isk and performance• C apital markets services• apexinvest.io• E SG invest check• R egulatory compliance• Investment advisory• D igital banking

Transaction
support• F und complianceapexgroup.com

22References
1.	ADGM (2020) ADGM: The Destination Of Choice For
Investment Funds. Available at: https://www.adgm.com/
documents/publications/en/adgm-investment-funds.
pdf
2.	Air Cargo Week (2023) Evolving to meet global demand.
Available at: https://www.aircargoweek.com/evolvingto-meet-global-demand/
3.	Arabian Gulf Business Insight (2024) Saudi Arabia
and UAE to dominate Mena IPOs in 2024. Available at:https://www.agbi.com/analysis/markets/2024/02/
saudi-arabia-and-uae-to-dominate-mena-ipos-in-2024/
4.	Baker McKenzie (2023) Doing Business in the United
Arab Emirates 2023. Available at: https://www.
bakermckenzie.com/en/insight/publications/guides/
doing-business-in-the-united-arab-emirates-2023
5.	Central Bank of the UAE (2023) UAE Islamic Finance
Report 2023. Available at: https://www.centralbank.
ae/media/djmorepc/cbuae_uae-islamic-financereport-2023.pdf
6.	CBRE (2024) UAE Real Estate Market Review Q4 2023.
Available at: https://www.cbre.ae/insights/figures/uaereal-estate-market-review-q4-2023
7.	Council of the European Union (2024) Commission
Delegated Regulation (EU) of 14.3.2024. Available at:https://data.consilium.europa.eu/doc/document/ST7791-2024-INIT/en/pdf
8.	DFSA (2024) The DFSA continues remarkable growth,
issuing record number of licences since its inception.
Available at: https://www.dfsa.ae/news/dfsacontinues-remarkable-growth-issuing-record-numberlicences-its-inception
9.	DFSA (2024) The DFSA issues its first ESG fee waiver to
Emirates NBD Bank PJSC. Available at: https://www.dfsa.
ae/news/dfsa-issues-its-first-esg-fee-waiver-emiratesnbd-bank-pjsc
10.	DFSA (no date) How we regulate. Available at: https://www.dfsa.ae/about-dfsa/who-we-are/how-we-regulate
11.	DIFC (2023) DIFC Announces Consultation on New Digital
Assets Law, New Law of Security and Related Amendments
to Select Legislation. Available at: https://www.difc.ae/
whats-on/news/difc-announces-consultation-newdigital-assets-law-new-law-security

apexgroup.com

12.	DIFC (2023) Navigating the complexity of hiring
exceptional talent in the Middle East. Available at:https://www.difc.ae/whats-on/blogs/navigating-thecomplexity-of-hiring-exceptional-talent-in-the-middleeast
13.	DIFC (no date) Setting up wealth and asset managementcompanies. Available at: https://www.difc.ae/business/
establish-a-business/wealth-and-asset-management
14.	EY (2024) MENA witnesses 48 IPOs raising US$10.7
billion in 2023. Available at: https://www.ey.com/en_lb/
news/2024/02/mena-witnesses-48-ipos-raising-us-107-billion-in-2023
15.	FATF (2024) Jurisdictions under Increased Monitoring 23 February 2024. Available at: https://www.fatf-gafi.
org/en/publications/High-risk-and-other-monitoredjurisdictions/Increased-monitoring-february-2024.html
16.	Fitch Ratings (2024) Non-Rating Action Commentary:
UAE Debt Capital Market 2024 Prospects Positive; Sukuk,
Dirham Share to Rise. Available at: https://www.
fitchratings.com/research/islamic-finance/uae-debtcapital-market-2024-prospects-positive-sukuk-dirhamshare-to-rise-23-01-202417.	Hanover (2023) The rise of family offices in the Middle
East. Available at: https://www.hanoversearch.com/
blogs/2023-5/the-rise-of-family-offices-in-the-middleeast
18.	Mercer (2023) Cost of Living adjusts in UAE amid rapid
economic growth, Mercer 2023 report shows. Available
at: https://www.mercer.com/en-ae/about/newsroom/cost-of-living-adjusts-in-uae-amid-rapid-economicgrowth/19.	PwC (2024) United Arab Emirates Corporate - Tax credits
and incentives. Available at: https://taxsummaries.pwc.
com/united-arab-emirates/corporate/tax-credits-andincentives
20.	Securities and Commodities Authority (2023) Lawflash:
SCA’s official guidance on marketing of foreign funds inmainland UAE: five key takeaways. Available at: https://www.sca.gov.ae/en/media-center/news/31/3/2023/
scas-official-guidance-on-marketing-of-foreign-fundsin-mainland-uae-five-key-takeaways.aspx.

2321.	Strategy& part of the PwC Network (no date)
Opportunities for asset management: Taking advantageof regional tailwinds during global turbulence. Available
at: https://www.strategyand.pwc.com/m1/en/strategicforesight/sector-strategies/financial-sector-consulting/opportunities-in-asset-management.html
22.	The United Arab Emirates’ Government portal(2023) Working hours in the public sector. Available
at: https://u.ae/en/information-and-services/jobs/
working-in-uae-government-sector/working-hours-inthe-public-sector
23.	The United Arab Emirates’ Government portal (2024)
Health conditions for UAE residence visa. Available at:https://u.ae/en/information-and-services/health-andfitness/health-conditions-for-uae-residence-visa
24.	The United Arab Emirates’ Government portal (nodate) Full foreign ownership of commercial companies.
Available at: https://link.helyda.org/en/informationand-services/business/doing-business-on-themainland/full-foreign-ownership-of-commercialcompanies

26.	United Arab Emirates Ministry of Foreign Affairs (nodate) Facts and figures. Available at: https://www.mofa.
gov.ae/en/the-uae/facts-and-figures27.	United Arab Emirates Ministry of Finance (no date)
Double taxation agreements. Available at: https://mof.
gov.ae/double-taxation-agreements/
28.	Virtual Assets Regulatory Authority (2024) Empowering
innovation through responsible regulation of the virtual
assets industry. Available at: https://www.vara.ae/en/
29.	Virtual Assets Regulatory Authority (2024) License
Applications. Available at: https://www.vara.ae/en/
licenses-and-register/licence-applications/30.	Visit Dubai (no date) Why Dubai? Available at: https://www.visitdubai.com/en/invest-in-dubai/why-dubai31.	World Health Organization (2020) Chocolate and
Health. Available at: https://www.who.int/chocolate/health25.	The United Arab Emirates’ Government portal (nodate) The UAE, an ideal investment destination. Available
at: https://u.ae/en/information-and-services/business/the-uae-an-ideal-investment-destination

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