ADGM, (Abu Dhabi Global Market) was established by UAE Federal Decree Law No. (4) of 2013. Upon establishment, ADGM’s jurisdiction extended across the entire Al Maryah Island. Whereas, subsequent to the issuance of UAE Cabinet Resolution No. 41 of 2023, ADGM’s jurisdiction has been expanded to Al Reem Island.
Establishment of Global Market Authorities as per Federal Decree Law No. (4) of 2013. (All ADGM persons fall under the jurisdictions of these Authorities)
Following, Federal Decree Law No. (4) of 2013, Article (10) Concerning Abu Dhabi Global Market, the authority hereunder is established in the Global Market:
The Global Market’s Courts, under Article (13)
The Global Market Courts shall be of two degrees, first instance courts (formed of a single judge) and courts of appeal (formed of three judges).
The Global Market’s Courts shall have a Chief Justice.
The Chief Justice of the Global Market’s Courts shall have the following duties and powers:
Propose draft Global Market’s Regulations related to regulations of the Global Market Courts and submit the same to the Board of Directors for approval.
Prepare and approve strategies, policies, and objectives of the Global Market Courts, prepare the necessary reports on the implementation of these strategies, policies, and objectives, and present the same to the Board of Directors.
Propose fees and financial considerations for services rendered by the Global Market Courts and present the same to the Board of Directors for approval.
Notably, as per Article (10) of the aforementioned law, each of the Global Market Authorities shall enjoy independent legal personality and an independent budget and shall exercise their respective competencies independently in accordance with the provisions of this law and the Global Market Regulations. Each authority shall issue executive resolutions within the limits of its functions and competencies as stated in this law and the Global Market Regulations.
Therefore, Al Reem Island falls under the cognizance (jurisdiction) of the ADGM’s respective authorities by virtue of UAE Federal Decree Law No. (4), Article (10) of 2013 which establishes these Authorities under Abu Dhabi Global Market.
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