Jersey's financial regulator has signed a memorandum of understanding with the nascent ADGM, which opened for business last October.

The Abu Dhabi Global Market offers investors a zero-tax environment, although there is talk of the Gulf Co-operation Council to which the United Emirates (of which Abu Dhabi is a member) belongs introducing value-added tax to bolster waning oil revenues.

The deal sets up a formal mechanism to enable the regulatory authorities to co-operate on supervisory matters and exchange information of various kinds. Both parties have expressed their wishes that this will be good for 'market access.'

Private wealth management is one of the ADGM's mainstays. The ADGM is proud of its unique selling-points, one of which is the so-called 'restricted-scope company' which is designed for use by family offices. As of early January, the new offshore centre was awaiting its first batch of applicants for entry. It has already undertaken roadshows in India and the United States with the aim of drumming up business.