- 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.
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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.
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.
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.
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