Abu Dhabi Global Market (ADGM) is a leading international financial centre located in the capital of the United Arab Emirates (UAE). Established through a UAE federal decree, this innovative free zone has jurisdiction over all 114 hectares of Al Maryah Island. By enabling and supporting businesses to register here, as well as providing world-class dispute resolution services, corporate structuring options with Islamic finance capabilities and comprehensive financial services – it has led to ADGM being recognized for its excellence globally.
ADGM Al Reem Island Expansion
ADGM Expands: Transforming Abu Dhabi’s Financial District
Abu Dhabi Global Market (ADGM) made history on April 24th by expanding its International Financial District to include Al Maryah and Al Reem islands. This momentous move establishes ADGM as one of the world’s largest financial districts, spanning an impressive 1,438 hectares.
Driven by increasing demand from international and regional companies seeking a premier destination for work and living, ADGM’s expansion offers businesses unparalleled advantages. Operating under the English common law legal framework, they can attract top talent, access lucrative investment opportunities, and tap into a vast business network.
ADGM remains dedicated to delivering exceptional services and continually enhancing the community’s experience. We look forward to celebrating the diverse range of businesses, institutions, amenities, and lifestyle facilities found on Al Maryah and Al Reem islands.
To all businesses, retail outlets, institutions, and residents on Al Reem Island, a warm welcome awaits you in ADGM’s thriving ecosystem.
What does ADGM’s jurisdiction expansion mean for Al Reem Island?
Previously, Al Reem Island was governed by UAE federal and Abu Dhabi laws. However, with the issuance of Cabinet Resolution No. (41) of 2023 on April 24th, ADGM’s jurisdiction now extends to Al Reem Island. As a result, ADGM’s robust legal and regulatory frameworks are applicable to businesses operating on the island.
Currently, ADGM and its authorities are collaborating with key government stakeholders and local authorities to establish transitional arrangements. These arrangements ensure a seamless transition for all establishments and real estate on Al Reem Island, aligning them with ADGM’s legal and regulatory requirements by the end of the transitional period.
The expansion of ADGM’s jurisdiction to Al Reem Island marks an exciting new chapter, solidifying Abu Dhabi’s position as a global financial hub and fostering an environment of growth and innovation.
At the heart of Abu Dhabi lies the vision for economic diversification that seeks to help turn economic goals into reality through investments both domestically and abroad. This includes creating an open environment which fosters growth across multiple industries including fintech while providing needed confidence in legal systems supported by regulators with clear rules as outlined via ADGM Regulatory Framework Overview paper released in December 2017. Additionally, advanced digital infrastructure robustly supports financial organizations when operating within ADGM’s jurisdiction, allowing them to access markets quickly without worrying about regulatory issues or licence delays often seen elsewhere in the region due to their mature regulation framework.
ADGM Business Center
The ambitious centre acts as a gateway connecting global investor and talent communities, while also providing modern legal frameworks with business-friendly regulations, so they can optimally conduct their affairs with ease.
Within just 6 years of its launch, ADGM has become one of the most efficient international financial hubs for companies from around the world to set up operations – something even more impressive considering other jurisdictions often take many decades to obtain such successful reputations among suppliers, financiers & customers alike. This accomplishment is due in large part thanks to careful regulatory oversight provided by three independent regulators -Financial Services Regulatory Authority (FSRA), Registration Authority (RA) & Abu Dhabi Global Market Courts -all operating under two separate but related bodies: Commercial Court Law overseen by FSRA & Civil Evidence Law governed by RA.
Furthermore, this expertise extends beyond core industries like banking & investment services where additional offerings include FinTech licensing on innovative solutions like Crowdfunding or Blockchain technology catering specifically towards SMEs looking for creative financing options without having traditional banks or lenders involved, saving time (& money!). The infrastructure at AEPDM strategically provides an environment supportive not only domestically inside Abu Dhabi but further abroad which benefits both corporate clients involved primarily in cross-border transactions through swift cost-effective ways but also supports foreign nationals living/working within the region who find themselves taking advantage of numerous beneficial policies developed between different countries worldwide especially via generous Double Tax Treaties agreements aimed reducing taxes internationally allowing individuals investments higher returns over longer periods!
Future development
Impressively, despite already being voted “Best International Financial Centre” multiple times since launching operation back in 2013 it appears there are no plans to stop anytime soon! Over the next few years, ADMG is projected to continue pushing boundaries offering new incentives to attract investors and entrepreneurs and incentivize them to build invaluable relationships and foster new ideas whilst simultaneously developing sustainable technological advances that help improve overall user/client experience at the same time protecting their rights through extensive security protocols embedded into system layer contribute prosperous future entire country!
Overall, there is very little doubt why people turn towards ADMG when looking to foray into the Middle Eastern market; strategic positioning amidst oil-rich Gulf nations combined suite of robust progressive services make the perfect recipe for success future looks nothing short of bright and filled with the promise of potential wealth generation creation dynamic opportunities throughout the region. All these advantages of ADGM help startups reduce their costs when starting a business in the UAE 🇦🇪.
February 1, 2023
