UNITED ARAB EMIRATES – New financial free zone for Abu Dhabi on Al Maryah island

A law creating a financial free zone for Abu Dhabi on Al Maryah Island has been signed, intended to attract greater numbers of firms to Sowwah Square. The government support for financial firms comes as local banks help to propel stock markets in both Dubai and Abu Dhabi to levels not achieved since the crisis at Dubai World in 2009. The Abu Dhabi World Financial Market will cover an area of 1,680,323 square metres on the island, according to Federal Decree 15 of 2013. 

An official launch is anticipated within weeks. 

Free zones permit international companies to establish operations in the country without a local partner and to be able to repatriate profits and capital abroad. 

Abu Dhabi’s plan to create a financial hub on Sowwah Island comes amid rising competition to attract international financial heavyweights from other Arabian Gulf financial hubs including neighbouring Dubai, Riyadh and Doha.