The Abu Dhabi Global Market is set to expand tenfold as the UAE seeks to increase the size of its its financial sector under its economic diversification strategy.
As part of a new Cabinet resolution, Reem Island will be added to its jurisdiction as a financial free zone, which already includes Al Maryah Island, increasing the district's combined geographic area to about 1,438 hectares, the ADGM said on Monday.
The move will make it one of the world’s largest international financial districts, the ADGM said.
The expansion will provide an “opportunity for Abu Dhabi to reinforce its position as a world-leading international financial centre and a global destination of choice”, said Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development and the ADGM.
“Al Maryah Island is a thriving international financial centre, with occupancy already over 95 per cent and a strong pipeline of international companies wanting to expand or establish their footprint here,” he said.
“We have prioritised our ongoing efforts to continue to grow towards accommodating this ever-increasing demand.
“Al Maryah’s larger next-door neighbour, Al Reem Island, also presents an abundance of opportunities, with access to a wide range of office spaces and world-class residential, educational, medical and lifestyle facilities.
“Together, as ADGM, Al Maryah and Al Reem Islands will be one of the most attractive places to live and work across financial centres worldwide.”
The UAE has been seeking to attract more businesses as part of its economic diversification strategy and has announced several new measures, including the expansion of the 10-year golden visa programme and free trade agreements with different countries to boost foreign investment.
The country has also introduced the NextGenFDI initiative, which offers incentives to digital companies to convince them to set up in the country.
Set up eight years ago, the ADGM has 1,400 operating entities and a workforce of 11,000 people.
Last year, it grew its assets under management by 56 per cent, with total active licences up by 30 per cent annually to 5,546, including permits for both financial services and non-financial companies.
An additional space of 32,000 square metres was also added with the introduction of Al Maryah Tower in 2022, “reflecting the ongoing growth of occupancy in ADGM square”, the financial free zone said.
To meet growing demand for office space in the area, Aldar Properties and Abu Dhabi's sovereign wealth fund Mubadala Investment Company also signed an agreement in March to jointly develop commercial assets on Al Maryah Island.
The new assets will be developed through a joint venture, with Aldar owning 60 per cent and Mubadala holding the remaining 40 per cent stake.
ADGM authorities are also carrying out several initiatives to support businesses.
The ADGM’s Financial Services Regulatory Authority (FSRA) enhanced its capital markets framework last year with the introduction of environmental instruments to enable trading in carbon credits and offsets.
The new regulations resulted in the world’s first fully regulated carbon trading exchange and carbon clearing house, AirCarbon Exchange, establishing its global operations in Abu Dhabi.
This month, the FSRA also enhanced its regulatory framework to enable ADGM-based collective investment funds to invest in credit by originating and participating in credit facilities.
The move is aimed at encouraging investment in the Middle East’s private credit market by providing clear and transparent rules for credit fund managers operating within the ADGM.
The financial district has attracted major international companies.
In April, Ray Dalio, the billionaire founder of Bridgewater Associates, the world's largest hedge fund, said he was establishing a branch of his family office at the ADGM, as part of his expansion in the Middle East.
The Dalio Family Office builds on a 30-year relationship between Mr Dalio and the UAE, the financial centre said.
The ADGM and its authorities are currently working with government stakeholders and other local authorities to finalise the necessary transitional arrangements that cover the activities of all entities presently operating on Reem Island, including those engaged in the financial services industry, the ADGM said on Monday.
The relevant ADGM authority will contact the Reem Island community with the transition process in due course, it said.
TO ALL THE BOYS: ALWAYS AND FOREVER
Directed by: Michael Fimognari
Starring: Lana Condor and Noah Centineo
Two stars
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
UAE currency: the story behind the money in your pockets
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
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6026 – Dh 200
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Overall head-to-head
Federer 6-1 Cilic
Head-to-head at Wimbledon
Federer 1-0 Cilic
Grand Slams titles
Federer 18-1 Cilic
Best Wimbledon performance
Federer: Winner (2003, 2004, 2005, 2006, 2007, 2009, 2012)
Cilic: Final (2017*)
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
Correspondents
By Tim Murphy
(Grove Press)
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
1971: The Year The Music Changed Everything
Director: Asif Kapadia
4/5
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
