Abu Dhabi Global Market (ADGM), a financial free zone in the UAE, has announced that it will be expanding its jurisdiction to also include Al Reem Island.
This will mean that ADGM will be one of the largest financial districts globally. The expansion will provide more businesses in this financial district with many benefits, including having a legal system that is based on English common law, preferable tax treatment, ease when setting up businesses and greater access to investment.
The Trowers & Hamlins International practice has seen a significant increase in clients seeking to establish themselves in ADGM over the past few years. It will be interesting to see how this development continues in the future. ADGM currently attracts many businesses and this expansion to Al Reem Island will likely encourage many more businesses to set up in the ADGM, particularly as Al Reem Island is already a popular location for businesses and residents. The expansion further bolsters the opportunities for Abu Dhabi to remain as an international financial services hub.
We will follow any updates from ADGM closely and if you have any questions regarding the expansion or otherwise, please contact Ethan Chye or Adelani Ayoola.
