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ADGM welcomes the New Board and Management of NMC OpCo Ltd to its Thriving Financial CentreADGM 25/03/2022
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has welcomed the newly formed holding company, NMC OpCo Ltd (NMC), and its Board of Directors and management to its vibrant business hub.
This followed NMC’s announcement today that the core operations of its Group, comprising 34 operating companies, will continue to operate under ADGM’s jurisdiction, having successfully exited administration in under two years. Based in Abu Dhabi’s thriving financial centre, NMC, one of the region’s largest private healthcare groups, will persevere with its development and growth as an integral member of ADGM’s business community and bringing new dynamism to Abu Dhabi’s healthcare sector.
In 2020 and 2021, ADGM’s common law environment, combined with its progressive and robust insolvency framework, supported the former NMC Healthcare Group’s joint administrators, Richard Fleming and Ben Cairns of Alvarez and Marsal Europe LLP, in assisting NMC to restructure its business with the overwhelming approval of its creditors and investors.
During this period, ADGM’s legal framework created a period of stability for NMC to continue its operations under administration in ADGM, enabling its 12,000 healthcare staff to provide vital life-saving medical and healthcare services across the UAE. This is particularly critical throughout the pandemic with people in the UAE given access to urgent and quality healthcare services.
H.E Ahmed Jasim Al Zaabi, Chairman of ADGM said: “We welcome the newly formed NMC OpCo Ltd to the bustling ADGM community. Having embraced our national duty to safeguard the well-being of the UAE and its people, we are honoured to have supported a major healthcare provider in offering vital healthcare services to the community.”
During the pandemic, ADGM launched a series of business and financial support measures for its registered companies, including NMC, to help them sustain their businesses and withstand the challenges at the time.
NMC’s successful exit from administration in under two years is a significant achievement for the company and ADGM, underlining the strength of ADGM’s world-class common law jurisdiction. Both NMC and the global business community can now look forward with continued confidence in the UAE as an effective and best-in-class regulatory environment that has the highest corporate governance standards and provides a swift resolution for creditors.
“ADGM’s holistic business, regulatory and judicial services have demonstrated their effectiveness to businesses and investors. As a leading international financial centre, ADGM will continue to use its progressive platform to boost the growth of the business and financial community. We are committed to strengthening the economic resilience and sustainability of Abu Dhabi and the wider UAE ecosystem,” added H.E Ahmed Al Zaabi.
Entering its seventh year, ADGM has an extensive and dynamic community of close to 5,000 registered local and global entities in its financial free zone on Al Maryah Island. In recent years, ADGM has demonstrated its innovation and appeal to businesses with a number of notable successes including the establishment of ICE Futures Abu Dhabi Exchange, the world’s first fully digital ADGM Courts and launching the world’s first virtual assets regulatory framework, and becoming the home of Nasdaq-listed Anghami.