Regulatory Alerts2023-01-01
Cabinet Resolution No (41) of 2023 - unofficial English translation
The UAE Cabinet issued Resolution No. 41 of 2023 to amend the designated location and area of the Abu Dhabi Global Market. The decision redefines the financial free zone's boundaries to include Al-Maryah Island and Al-Reem Island, specifying exact land areas of 1,488,417.94 and 12,889,332.87 square meters respectively. This amendment replaces previous determinations and became effective upon its issuance on April 24, 2023.
Cabinet Decision No. 41 of 2023 Regarding the Amendment of Cabinet Decision No. 4 of the Year 2013 Concerning the Determination of the Location and Area of the Abu Dhabi Global Market The Cabinet:
- Having perused the Constitution,
- Federal Law No. (8) of 2004 concerning Financial Free Zones,
- Federal Decree No. (15) of 2013 establishing a Financial Free Zone in the Emirate of Abu Dhabi,
- Cabinet Decision No. (28) of 2007 regarding the Executive Regulation of Federal Law No. (8) of 2004 concerning Financial Free Zones and its amendments,
- Cabinet Decision No. (4) of 2013 concerning the determination of the location and area of the Abu Dhabi Global Market,
- And based on the approval of the Cabinet, Decides: Article 1 The location of the "Abu Dhabi Global Market" is amended to be on Al-Maryah Island and AlReem Island in the Emirate of Abu Dhabi, with an area of 1,488,417.94 square meters for AlMaryah Island and 12,889,332.87 square meters for Al-Reem Island, according to the maps attached to this decision. Article 2 The decision shall be published in the Official Gazette and shall come into effect from the date of its issuance. The original copy is signed by His Highness Sheikh Mohammed bin Rashid Al Maktoum Prime Minister Issued on: 4 Shawwal 1444 AH 24 April, 2023 AD
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