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DUBAI: Abu Dhabi will become “one of the world’s largest international financial districts” as the mandate of the Abu Dhabi Global Market expands. It comes with the addition of Al Reem Island, increasing ADGM’s total geographic area to almost 1,438 hectares – a whopping 14.37 million square metres.
As a result, the ADGM financial district will be 10 times its current size. It follows UAE Cabinet Resolution No. 41 of 2023 to expand the jurisdiction of Abu Dhabi Global Market as part of its economic vision. It also underscores ADGM’s 2023-27 growth strategy, which aims to “develop Abu Dhabi’s financial sector and position it as a leading global city where the sector becomes a major contributor to its GDP”.
Ahmed Jasim Al Zaabi said: “Global financial institutions, family offices, entrepreneurs and leading fintech talent continue to choose ADGM as their location for access to the substantial capital and wide range of investment opportunities available in Abu Dhabi.” Abu Dhabi Than the Chairman of the Ministry of Economic Development and ADGM.
The new resolution extends ADGM’s jurisdiction as a “financial free zone” to Al Reem Island, next to its current base on Al Maryah Island. The decision follows increased demand from “a range of international companies choosing Abu Dhabi as their preferred destination to expand and grow their businesses globally”.
By being located within the jurisdiction of a financial free zone, qualifying business entities can benefit from a preferential corporate tax rate of 0% on qualifying income.
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