RIYADH: The UAE’s Abu Dhabi Global Market will expand its area of jurisdiction to 10 times its current footprint in an effort to make the financial sector a major contributor to the economy, according to its chairman.
ADGM, the international financial center of the UAE’s capital Abu Dhabi, will add Al-Reem Island to its current location on Al-Maryah Island.
The expansion is set to brand ADGM as one of the largest concentrated financial districts in the world, encompassing an area of 1,438 hectares.
“This expansion provides us with a unique opportunity for Abu Dhabi to reinforce its position as a world-leading international financial center and a global destination of choice. Combining our common law jurisdiction and pioneering regulatory framework across these two islands will unlock even greater economic opportunities,” Ahmed Al-Zaabi, chairman of ADGM, said in a statement.
He explained that Al-Reem Island presents an abundance of opportunities thanks to its wide range of office spaces and residential, educational, medical, and lifestyle facilities.
“Together, as ADGM, Al-Maryah and Al-Reem Islands will be one of the most attractive places to live and work across financial centers worldwide,” he added.
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, Al-Zaabi stated.
“In line with the wise leadership vision to build our diversified future economy and the financial industry at its core, global financial institutions, family offices, entrepreneurs and leading fintech talent continue to choose ADGM as the location from which they access a deep pool of capital and a wide range of investment opportunities that are available in Abu Dhabi,” he added.
Established in 2015, ADGM currently has 5,500 business licenses operating within it, and a workforce of 11,000 people. The entity also achieved a record increase of 56 percent in assets under management last year.