Abu Dhabi Expands ADGM to Create World's Largest Financial Districts
- Publish date: Monday، 08 May 2023 | Last update: since 5 days
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The UAE is planning to achieve a tenfold expansion of the Abu Dhabi Global Market as part of its economic diversification strategy aimed at fostering growth in the financial sector.
According to the Abu Dhabi Global Market (ADGM), Al Reem Island will be incorporated into its jurisdiction as a financial-free zone. This addition, alongside Al Maryah Island, will expand the combined geographic area of the district to approximately 1,438 hectares. The ADGM announced this development as part of a new Cabinet resolution.
According to the ADGM, the inclusion of Al Reem Island as a financial-free zone will establish it as one of the largest international financial districts worldwide. Ahmed Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development and the ADGM, expressed that the expansion presents an opportunity for Abu Dhabi to strengthen its status as a leading global financial center and an attractive destination on a global scale.
“Al Maryah Island is a thriving international financial centre, with occupancy already over 95 percent and a strong pipeline of international companies wanting to expand or establish their footprint here,” he stated.
As part of its economic diversification strategy, the UAE has taken various measures to attract more businesses and stimulate foreign investment. These include expanding the 10-year golden visa program, establishing free trade agreements with different nations, and introducing the NextGenFDI initiative that provides incentives to digital companies to establish a presence in the country.