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DUBAI, May 8 (Reuters) – Abu Dhabi’s ADGM Financial Free Zone said on Monday it would expand its jurisdiction tenfold as part of the United Arab Emirates’ push to make its financial sector a major contributor to economic diversification .
The expansion of the Abu Dhabi Global Market (ADGM), an international financial center in the UAE capital Abu Dhabi, comes at a time of intense competition in the Gulf region as the UAE vies with rapidly opening Saudi Arabia as the preferred destination in a region where economic activity is underway. Stay away from petroleum.
Adding al-Reem Island to its current location on al-Maryah Island will create one of the world’s largest concentrated financial districts at 1,438 hectares, ADGM said.
ADGM was established in October 2015 and has 5,500 operating licenses, it said.
Abu Dhabi wants to increase its non-oil exports by 143 percent to 178.8 billion dirhams ($49 billion) by 2031, Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, told a conference on Monday.
The non-oil sector accounts for half of Abu Dhabi’s real GDP in 2022, more than AED1 trillion, he said.
($1 = 3.6720 UAE Dirhams)
Written by Lisa Barrington
Our standards: Thomson Reuters Trust Principles.
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