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Abu Dhabi Global Market (ADGM), located on Al Maryah Island, is set to undergo a huge expansion to include Reem Island as the UAE capital’s financial centre accomodates increased demand from global firms looking to set up businesses there.
The newly expanded jurisdiction will make the market one of the world’s largest financial centres, and be more than 10 times the size of its current footprint, a statement from the market said.
Following the expansion ADGM will have a combined space of 1,438 hectares, or 14 million sq.m. For comparison, Dubai International Financial Centre (DIFC) is around 44 hectares, according to its official website,
The move to expand ADGM was decided by UAE Cabinet Resolution 41 for 2023.
An ADGM statement said it is part of the economic vision of the UAE, which lists the capital’s financial centre as a key focus for diversification.
“The resolution expands ADGM’s jurisdiction as a Financial Free Zone to Al Reem Island, adjacent to its current home of Al Maryah Island, following increased demand from a wide range of international companies choosing Abu Dhabi as a preferred destination to expand and grow their businesses globally,” the statement said.
By being based within there, a business entity can benefit from the preferential corporate tax rate of 0% on their qualifying income, it added.
Ahmed Jasim Al Zaabi, chairman of Abu Dhabi Department of Economic Development and ADGM said the existing ADGM has an occupancy of 95% with demand from international companies wanting to be established there.
The market is currently home to 1,400 operating entities, 5,500 business licenses and has a workforce of 11,000 people in ADGM Square, the statement added. It saw an increase of 56% in assets under management last year and a 30% increase in active licenses.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)
