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FinancialNews


  • 09-05-23

    Abu Dhabi Global Market to Expand Jurisdiction to Al-Reem Island to Boost Financial Sector

    (MENAFN) The Abu Dhabi Global Market (ADGM), the international financial center of the UAE's capital Abu Dhabi, is set to expand its jurisdiction to include Al-Reem Island in a bid to make the financial sector a major contributor to the economy. The expansion will make ADGM one of the largest concentrated financial districts in the world, encompassing an area of 1,438 hectares. The move is part of Abu Dhabi's efforts to reinforce its position as a world-leading international financial center and a global destination of choice.

    According to Ahmed Al-Zaabi, chairman of ADGM, Al-Reem Island presents an abundance of opportunities thanks to its wide range of office spaces and residential, educational, medical, and lifestyle facilities. The expansion will unlock even greater economic opportunities by combining ADGM's common law jurisdiction and pioneering regulatory framework across the two islands. Al-Zaabi explained that together, ADGM, Al-Maryah, and Al-Reem Islands will be one of the most attractive places to live and work across financial centers worldwide.

    The expansion comes as Al-Maryah Island's occupancy rate is currently above 95 percent, with a "strong" pipeline of international companies wanting to expand and establish their footprint in the area. The addition of Al-Reem Island will further boost the financial sector and attract more international companies to the region. The move is part of Abu Dhabi's efforts to diversify its economy and reduce its reliance on oil.

    Abu Dhabi is positioning itself as a leading financial center in the region, with ADGM playing a key role in achieving this goal. The financial center offers a range of services, including company registration, banking, asset management, and financial regulation. The expansion of ADGM's jurisdiction to Al-Reem Island is expected to create new business opportunities, attract more foreign investment, and boost the overall economic growth of the region.

    MENAFN09052023000045014228ID1106205798

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