With effect from 8 May 2023, the Abu Dhabi Global Market (ADGM) has expanded its financial district by adding the Al Reem Island to its jurisdiction.
The ADGM already has footprint in the Al Maryah Island. The addition of the Al Reem Island comes as part of the UAE’s Cabinet Resolution (No. 41 for 2023), to expand the jurisdiction of the ADGM as part of its economic strategy. The expansion is also a reflection of the ADGM’s increased demand.
With the latest addition, the ADGM financial district is now ten times greater than its previous size, resulting in a total area of 1,438 hectares, becoming one of the world’s largest international financial districts.
The addition of the Al Reem Island will reinforce Abu Dhabi as one of the world’s leading international financial centres.
Commenting on the news, Alia Haskouri said:
“The ADGM continues to be an attractive jurisdiction for business, and now with the addition of the Al Reem Island, it creates greater opportunity and demonstrates the continued growth in the region”.