Abu Dhabi Global Market expansion

Abu Dhabi Global Market (ADGM) has announced it is set to expand its reach with the inclusion of Al Reem Island. The initiative is anticipated to boost the UAE's position as a major international commercial hub by attracting additional businesses and investors.

ADGM, Abu Dhabi's financial hub, has grown in popularity in recent years. Many local and international companies, financial institutions and professional services organizations are based there. The free zone provides a wide range of financial services, including wealth management, asset management and fintech solutions.

Al Reem Island is a newly-developed area in Abu Dhabi, which is already home to several high-end residential and commercial projects. The new free zone is expected to attract diverse businesses, including those in the real estate, hospitality and healthcare sectors.

Al Reem Island's inclusion in ADGM is a big step in the direction of developing a more diverse and interconnected business environment in Abu Dhabi. As a result, businesses will have additional options to develop their operations in a tax-efficient environment and gain access to international markets.

The expansion also reflects the UAE's commitment to fostering a business-friendly environment and attracting more foreign investment. The country has taken several measures to improve its business climate, including introducing new laws and regulations and investing in infrastructure and technology.

The inclusion of Al Reem Island as an expansion of ADGM is a positive development for the UAE's business landscape. It will create new opportunities for local and international businesses, further enhancing Abu Dhabi's position as a global and major business hub.

Author

Charbel Fadel, Partner