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The UAE Cabinet resolved to extend ADGM’s jurisdiction to Al Reem Island, as well as its current jurisdiction on Al Maryah Island, creating one of the world’s largest concentrated financial districts with a total area of ​​1438 hectares (approximately 14377750.8 square meters).
In addition to the recently announced achievements for 2022, the expansion of ADGM’s jurisdiction proves that it is the fastest growing IFC in the region.
Abu DhabiUnited Arab Emirates, May 8, 2023 /PRNewswire/ — Abu Dhabi With the issuance of UAE Cabinet Resolution No. 41 of 2023, will become one of the largest international financial districts in the world to expand the jurisdiction of Abu Dhabi Global Market (ADGM), the capital’s international financial center united arab emirates, as part of its economic vision, which lists its thriving financial sector as one of the focus areas of its diversification strategy.It also highlights ADGM’s growth strategy for 2023-2027, which aims to develop the financial sector Abu Dhabi And positioning it as a leading global city, the industry becomes a major contributor to its GDP.
with the addition of alrem i. Increasing the total geographic area of ​​ADGM to nearly 1438 hectares (approximately 14377750.8 square meters), the ADGM Financial District will be ten times larger than its current footprint.
The resolution extends the jurisdiction of ADGM as a financial free zone to alrem i.adjacent to its current home al maria i.As more and more international companies choose Abu Dhabi As the premier destination for expanding and growing your business globally. 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.
Commenting on this important milestone, HE Ahmed Jassim ZabiThe Chairman of Abu Dhabi Department of Economic Development and Abu Dhabi Global Financial Center said, “In line with the vision of wise leadership to build a diversified future economy with the financial industry at its core, global financial institutions, family offices, entrepreneurs and leading fintech talents Continue to choose ADGM as their location for access to substantial capital and a wide range of investment opportunities Abu Dhabi“
He went on to emphasize, “al maria i. It is a thriving international financial center with an occupancy rate of over 95% and a large number of international companies looking to expand or establish a footprint here. We have prioritized our ongoing efforts to continue evolving to accommodate this growing demand. Al Maryah’s larger next-door neighbor, alrem i., also offers a wealth of opportunities to use a variety of office spaces and world-class residential, educational, medical and lifestyle facilities. Together 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. “
“This expansion presents us with a unique opportunity to Abu Dhabi Strengthening its position as the world’s leading international financial center and global destination of choice. Combining our common law jurisdiction and pioneering regulatory framework on both islands 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,” he added.
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.
today, Abu Dhabi Soaring as the falcon economy of the region, and attracting attention as the “capital capital”, with the largest sovereign wealth fund with trillions of dollars in assets under management and an extensive network of venture capital and family offices. In addition to the recently announced achievements for 2022, the expansion of ADGM’s jurisdiction proves that it is the fastest growing IFC in the region.
ADGM and its authorities are currently working with key government stakeholders and other local authorities to complete the necessary transition arrangements to cover the current alrem i., including those working in the financial services industry. The relevant ADGM authorities will contact the Al Reem Island community in due course with regard to the transition process.
For more information, please visit: www.adgm.com/alreemisland
touch:
Simon Hales
head of middle East
edman smithfield
Mobile: +971 50 973 1173
Second: simon.hailes@edelmansmithfield.com
Echo Mission
Corporate Communications, ADGM
Second: media@adgm.com
View the original content:https://www.prnewswire.com/apac/news-releases/abu-dhabi-expands-its-international-financial-district-tenfold-301818072.html
SOURCE Abu Dhabi Global Market (ADGM)
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