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As part of a new Cabinet resolution, Al 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.

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“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.

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“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.