In June 2022, the Dubai Financial Services Authority ("DFSA") promulgated a private credit fund regime primarily for funds domiciled in the Dubai International Financial Centre ("DIFC"). The Financial Services Regulatory Authority ("FSRA") of the Abu Dhabi Global Market ("ADGM") followed suit with its own private credit regulation in May 2023. Both frameworks lay out a platform to provide alternative financing for SMEs at a time where credit is at a premium and the asset class an attractive source of returns for investors.
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