There are three distinct jurisdictions and regimes for establishing asset managers in the United Arab Emirates (UAE) namely onshore UAE, the Dubai International Financial Centre (DIFC), and the Abu Dhabi Global Market (ADGM). The licensing options for asset managers in the ADGM and the DIFC are substantially similar, whereas the approach in onshore UAE has been, and continues to be different.

It should be noted that the regulation of an asset manager in each of the ADGM, the DIFC and onshore UAE is distinct from and in addition to the regulation of a fund that such asset manager would manage or provide investment advice in respect of. As such, in addition to the obligations and duties incumbent upon asset managers (and the regulatory applications, reporting and fees associated therewith), if a particular investment product is structured as a fund, the fund manager will need to additionally comply with the rules and regulations (including regulatory applications, reporting and fees associated therewith) that apply to the relevant category of fund.

• ADGM: Abu Dhabi Global Market.

• AED: Dirham, the lawful currency of the UAE.

• Applicable regulator: FSRA (for ADGM funds) or DFSA (for DIFC funds).

• DIFC: Dubai International Financial Centre.