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- ADGM has expanded its jurisdiction from Al Maryah Island to include Al Reem Island.
- The expansion follows heightened demand from a wide range of international companies.
- With the addition of Al Reem, ADGM’s geographic footprint has become ten times bigger.
The Abu Dhabi Global Market (ADGM) has expanded its jurisdiction from Al Maryah Island to include Al Reem Island, according to reports. ADGM announced the commencement of its operations in Al Reem Island following heightened demand from a wide range of international companies choosing Abu Dhabi as their preferred destination for global business expansion.
Through this expansion, ADGM aims to grow Abu Dhabi’s financial sector and reinforce its position as a global financial hub. This move reportedly underscores ADGM’s growth strategy for 2023–2027 and seamlessly aligns with Abu Dhabi’s economic vision. It also emphasizes the pivotal role of the region’s thriving financial sector in its diversification strategy.
With the addition of Al Reem, ADGM’s geographic footprint has become ten times bigger than its original size. By covering nearly 14.3 million square meters, ADGM is set to provide more significant opportunities for international companies wishing to operate within its jurisdiction.
ADGM is reported to have amended its regulations to provide transitional arrangements that would accommodate existing businesses on Al Reem Island. The amendments were made on June 9, 2023, but were not published until November 1.
The regulations covered in the amendment include Data Protection Regulations, Financial Services and Markets Regulations, Healthcare Regulations, Off-Plan Sales Register Regulations, Real Property Regulations, and Strata Title Regulations.
ADGM also amended the Commercial Licensing Regulations Order 2023 rule and noted that it would exempt existing businesses on Al Reem Island from compliance with ADGM’s registration and licensing requirements and certain regulations up to December 31, 2024. The exemption is aimed at allowing them time to obtain the licenses and permits necessary to operate after that date.
According to ADGM, existing businesses on Al Reem Island may choose to renew their Abu Dhabi Department of Economic Development (ADDED) license or instead apply for an ADGM license or permit during the transition period. However, ADDED licenses will not be valid for operation in ADGM beyond December 31, 2024.
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