For entrepreneurs eyeing promising business opportunities in the UAE, selecting the right location is crucial for success. While each emirate holds potential, Abu Dhabi stands out as the optimal choice for driving business expansion. At the heart of Abu Dhabi’s business excellence is the Abu Dhabi Global Market (ADGM), playing a pivotal role in fostering the growth of the financial services industry.
The ADGM’s influence is now expanding as part of the UAE’s ambitious economic diversification strategy. In line with a recent Cabinet resolution, Reem Island is set to join its jurisdiction as a financial-free zone, alongside Al Maryah Island. This move increases the combined geographic area of the district to approximately 1,438 hectares, marking a significant tenfold expansion. This strategic initiative reinforces Abu Dhabi’s commitment to growing its financial sector and presents a compelling opportunity for entrepreneurs seeking a thriving business landscape.

Milestone Achieved: ADGM Extends Reach to Al Reem Island

On April 24, 2023, Abu Dhabi Global Market (ADGM), the powerhouse International Financial Centre of Abu Dhabi, achieved a breakthrough by extending its reach to Al Reem Island. This groundbreaking move, as dictated by the UAE Cabinet Resolution No. 41 of 2023, perfectly dovetails with Abu Dhabi’s ambitious economic vision and diversification strategy, firmly establishing ADGM as a bona fide global financial hotspot. Now, the existing business in Al Reem must obtain an ADGM license and the businesses that are planning to establish must submit their license applications to ADGM.

Navigating the Transition: Key Dates and Considerations

For existing businesses on Al Reem Island, a transition period has been established until the 31st of December 2024. During this time, businesses can continue operations as usual, exempt from ADGM’s regulations. However, they are encouraged to obtain an ADGM license before the deadline. Existing Al Reem Island businesses can choose to renew their Abu Dhabi Department of Economic Development (ADDED) license or apply for an ADGM license or permit. Starting from the 1st of November 2023, businesses planning to establish a new presence on Al Reem Island must submit their license applications to ADGM. The online registry provides a streamlined process for submitting applications. The expansion of ADGM’s jurisdiction brings forth new opportunities for businesses, with benefits including the direct application of English common law and a business-friendly environment. Note that, there are attractive incentives for the business which complete the process sooner.

A Financial Adventure Unfolds on Al Reem Island with MS

ADGM, with its unparalleled application of English common law, a vibrant and diverse talent pool, and a flourishing community vibe, emerges as the ultimate magnet for international businesses. It’s not just a jurisdiction expansion; it’s a strategic leap toward turning ADGM into the go-to destination for businesses worldwide. The allure of a dynamic financial landscape, coupled with the unique blend of legal prowess and cultural richness, makes ADGM an irresistible hub for those looking to thrive in the global marketplace.