Abu Dhabi’s Financial Hub is Booming, but Renting Office Space is Becoming Challenging for Multinationals

The recent move of major global hedge funds to Abu Dhabi has created a shortage of office space in the emirate’s financial hub. The sleek towers of Abu Dhabi Global Market, located on Al Maryah Island, are close to full occupancy, with occupancy rates exceeding 95%. This high demand has prompted the expansion of the free zone to include the neighboring Al Reem Island, making it one of the largest financial districts in the world.

However, Abu Dhabi’s efforts to regularize the status of existing tenants on Al Reem Island by obtaining an Abu Dhabi Global Market license by the end of the year are underway. The surge in demand for office space is putting pressure on property managers of large multinational companies, who are now facing challenges in securing adequate space.

As a result, some companies are considering building their own towers across Abu Dhabi due to the limited availability of office space for rent. In addition to hedge funds, venture capital firms, and cryptocurrency companies, other industries such as pharmaceutical, life sciences, security, and defense are also moving into or expanding in the emirate.

While Abu Dhabi’s tax-free income, sunny weather