ADGM Successfully Integrates Al Reem Island, Welcoming Over 1,100 New Entities To Its Jurisdiction

Abu Dhabi Global Market (ADGM) has expanded its jurisdiction to include Al Reem Island, enhancing its status as a major international financial hub. This expansion integrates Al Reem Island with Al Maryah Island, creating a financial district that spans 14.38 million square metres. The addition of Al Reem Island contributes approximately 500,000 square metres of new office space for companies eager to join this growing financial centre.

The integration of businesses from Al Reem Island into ADGM's jurisdiction has been notably successful. Since the announcement in April 2023, over 600 new businesses have established themselves on Al Reem Island. Additionally, more than 500 companies based there have transitioned to an ADGM licence, resulting in a total of 1,100 new entities operating under ADGM's governance.

To support this transition, ADGM signed fifteen Memorandums of Understanding (MOUs) with key stakeholders. These agreements aim to enhance collaboration across various sectors and ensure business continuity. Notable partners include the Central Bank of the UAE and the Ministry of Human Resources and Emiratisation.

ADGM worked closely with over 30 mainland regulators and government bodies to facilitate a smooth migration for businesses on Al Reem Island. This includes collaboration with ADNOC to maintain existing registrations through dual licensing with the Abu Dhabi Department of Economic Development (ADDED).

Al Reem Island offers top-tier residential, educational, medical, and lifestyle facilities. Together with Al Maryah Island, they form one of the most appealing places globally for living and working within financial centres. This expansion aligns with ADGM's vision for sustainable economic growth and a business-friendly environment.

Ahmed Jasim Al Zaabi, Chairman of ADDED and ADGM, stated: "The successful completion of the Al Reem Island expansion is a landmark achievement in our vision to establish a world-class and a progressive international financial centre." He emphasised their commitment to innovative regulatory frameworks and sustainable economic opportunities.

Proactive Engagements

Throughout the transition process, ADGM engaged actively with stakeholders by conducting over 200 client meetings and more than 500 site visits. They addressed upwards of 300 client queries to ensure a seamless transition for all involved entities.

To further attract businesses, ADGM will implement an updated fee schedule starting January 2025. This update reduces fees for obtaining and renewing commercial licences for non-financial and retail businesses by at least 50 percent within its jurisdiction.

ADGM continues collaborating with remaining entities yet to transition fully. Their goal is to ensure these businesses align with ADGM regulations while maintaining uninterrupted operations.

With inputs from WAM