- Al Reem Island is now under the authority of ADGM, in addition to Al Maryah Island.
- The expansion is the result of increased demand from numerous foreign businesses.
- ADGM now has ten times more geographic reach with the inclusion of Al Reem.
According to rumors, the Abu Dhabi Global Market (ADGM) has extended its jurisdiction from Al Maryah Island to Al Reem Island. Due to increased demand from a variety of foreign businesses that have chosen Abu Dhabi as their preferred location for worldwide company expansion, ADGM announced the start of its activities in Al Reem Island.
CryptoCaster Quick Check:
ADGM hopes to strengthen Abu Dhabi’s status as a major worldwide financial center and expand the financial industry through this growth. This action supposedly demonstrates ADGM’s growth strategy for 2023–2027 and smoothly fits into Abu Dhabi’s overall economic plan. It also highlights how important the region’s booming finance industry is to its diversification plan.
Al Reem has increased ADGM’s geographic reach tenfold compared to its initial dimensions. With an area of around 14.3 million square meters, ADGM is expected to present more substantial prospects for foreign businesses looking to conduct business within its jurisdiction.
According to reports, ADGM changed its laws to include transitory clauses that would allow for the accommodation of current Al Reem Island enterprises. On June 9, 2023, the changes were made; however, they weren’t publicized until November 1.
Stay in the know on crypto by frequently visiting Crypto News Today
The change covers the following regulations: Real Property Regulations, Healthcare Regulations, Off-Plan Sales Register Regulations, Financial Services and Markets Regulations, Data Protection Regulations, and Strata Title Regulations.
Advertisement
Follow GappyCoin PreSale on Twitter, and ReCap for information and more.
Additionally, ADGM modified the Commercial Licensing Regulations Order 2023 rule, noting that it would exclude current Al Reem Island firms from adhering to certain regulations and ADGM’s obligations for registration and licensing through December 31, 2024. The purpose of the exception is to give them time to get the licenses and permits required to continue operating after that date.
As per ADGM, companies that are already operating on Al Reem Island have the option to either extend their license from the Abu Dhabi Department of Economic Development (ADDED) or apply for a license or permit from ADGM during the transition time. Nevertheless, after December 31, 2024, ADDED licenses will no longer be able to be used in ADGM.
If this article brought you clarity, insight, or value—support the work that made it possible.
At CryptoCaster, we report on Web3, crypto markets, and institutional finance with no billionaire owners, no shareholders, and no hidden agenda. While mainstream media bends toward Elon Musk, BlackRock, and JPMorgan narratives, we stay focused on what matters: truth, transparency, and the public interest.
We don’t just cover the headlines—we investigate the power structures behind them. From FTX and Ripple to the quiet push for CBDCs, we bring fearless reporting that isn’t filtered by corporate interests.
CryptoCaster is 100% paywall-free. Always has been. To keep it that way, we depend on readers like you.
If you believe independent crypto journalism matters, please contribute—starting at just $1 in Bitcoin or Ether. Wallet addresses are below.
Your support keeps us free, bold, and accountable to no one but you.
Thank you,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
