The Ultimate Beneficial Owner (UBO) of an ADGM entity is:

Test 1: Any person who has 25% or more direct or indirect ownership or voting rights in the company; or

Test 2: Any person who controls the company;

If no one is identified through Test 1 and Test 2, then the UBO will be any person who holds the position of officer of the company (i.e. the Board of Directors).