Abu Dhabi: ADGM expands into one of world’s largest financial districts – News

This is because more and more international companies are choosing the emirate as their preferred destination to expand and grow their business

Abu Dhabi Global Market (ADGM) has expanded its jurisdiction to include Al Reem Island, making it one of the largest financial districts in the world with a total area of ​​1,438 hectares.

The issuance of UAE Cabinet Resolution No. 41 extends ADGM’s jurisdiction as a financial free zone to Al Reem Island, which is adjacent to its current location, Al Maryah Island. This is because more and more international companies are choosing Abu Dhabi as their preferred destination to expand and grow their business globally.

This underscores ADGM’s 2023-2027 growth strategy, which aims to develop and position Abu Dhabi’s financial sector as a leading global city, where the sector will be a major contributor to its GDP.

With the addition of Al Reem Island, ADGM’s total geographic area will increase to nearly 1,438 hectares and the ADGM Financial District will be 10 times larger than it is today.

“Global financial institutions, family offices, entrepreneurs and leading fintech talent continue to choose ADGM as their location for substantial funding in line with the vision of wise leadership building a diversified future economy and financial industry,” said Ahmed, Chairman, Abu Dhabi Department of Economic Development and ADGM Jasim Al Zaabi said.

By being located within the jurisdiction of a financial free zone, qualifying business entities can enjoy a preferential corporate tax rate of 0% on their qualifying income.

“Al Maryah Island is a thriving international financial center with an occupancy rate already above 95% and a large number of international companies looking to expand or establish a footprint here. We have prioritized our ongoing efforts to continue to grow to accommodate this growing need.

Al Maryah’s larger next-door neighbour, Al Reem Island, also offers a wealth of opportunities with access to a variety of office spaces and world-class residential, educational, medical and lifestyle facilities. As ADGM, Al Maryah and Al Reem Islands will be one of the most attractive places to live and work in the global financial center. “

In just eight years, ADGM has grown to support 1,400 operating entities, 5,500 business licenses and 11,000 employees at ADGM Plaza. Last year, ADGM achieved a record 56% increase in assets under management and a 30% increase in active licenses.

“This expansion presents us with a unique opportunity to strengthen Abu Dhabi’s position as a world-leading international financial center and global destination of choice. Combining our common law jurisdiction and pioneering Combined with our regulatory framework, we will unlock greater economic opportunity. We look forward to engaging with all of our strategic partners and stakeholders on how we can work together to realize this great ambition,” added Al Zaabi.

ADGM and its authorities are currently working with key government stakeholders and other local authorities to finalize the necessary transition arrangements to cover the activities of all entities currently operating on Al Reem Island, including those engaged in the financial services industry.