ABU DHABI: Abu Dhabi’s ADGM financial freezone will expand its area of jurisdiction by ten times, it said on Monday, part of the United Arab Emirates push to make its financial sector a major contributor to the economy as it diversifies.

The expansion of the Abu Dhabi Global Market (ADGM) financial free zone, the international financial centre of the UAE capital Abu Dhabi, comes amid intense competition in the Gulf as the UAE vies with rapidly-opening Saudi Arabia to become the go-to destination for economic activity in a region pivoting away from oil.

ADGM said the addition of al-Reem Island to its current location on al-Maryah Island would create one of the largest concentrated financial districts in the world, with an area of 1,438 hectares.

Founded in October 2015, ADGM has 5,500 business licences operating within it, it said.

ADIB boosts Abu Dhabi index, Dubai retreats

By 2031 Abu Dhabi wants to increase its non-oil exports by 143% to 178.8 billion dirhams ($49 billion), Abu Dhabi Department of Economic Development Chairman Ahmed Jasim Al Zaabi told a conference on Monday.

Non-oil sectors made up half of Abu Dhabi’s 2022 real GDP, which was more than 1 trillion dirhams, he said.