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ADGM: 26 March 2024
- The initiative was taken to ensure a seamless transition by exempting qualifying businesses on Al Reem Island from paying any fees to obtain an ADGM commercial licence until 31st October 2024.
Abu Dhabi Global Market (ADGM), the international financial centre of the UAE’s capital, has recently concluded a series of focus group meetings with businesses located on Al Reem Island. The objective of these meetings was to gather insights into the specific requirements, concerns, and challenges these businesses face.
Recognising the insightful feedback received from diverse businesses, ADGM is delighted to announce a new incentive initiative crafted exclusively for established businesses situated on Al Reem Island, operating within the non-financial and retail sectors. This initiative is strategically designed to bolster support for these businesses during their transition from the Abu Dhabi Department of Economic Development (ADDED) to ADGM.
Through this incentive initiative, qualifying businesses located on Al Reem Island will be exempt from paying any fees for obtaining an ADGM commercial licence until 31st October 2024. This proactive measure aims to streamline the transition process for these businesses, enabling them to continue to thrive without the added financial burden during this period.
Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said, “The seamless transition of existing businesses on Al Reem Island remains a top priority for ADGM. Our alignment with this objective has led to the introduction of the new incentive initiative aimed at assisting existing non-financial and retail businesses in Al Reem to obtain an ADGM commercial licence without incurring the fees attached to it. This will help mitigate any potential disruptions that these businesses might encounter when moving from an ADDED licence to an ADGM licence, enabling them to operate within ADGM’s jurisdiction, swiftly.”
ADGM strongly encourages all businesses that fall under the non-financial and retail categories on Al Reem Island to take advantage of this exceptional opportunity.
This initiative reflects ADGM’s commitment to fostering a supportive and business-friendly environment in Abu Dhabi, contributing to the sustainable growth and development of the local economy. By providing these incentives, ADGM aims to reaffirm its role as a catalyst for business success and innovation in the region.
To ensure a comprehensive understanding of the incentive initiative and its benefits, businesses are advised to review the Guidance Note published on the ADGM Al Reem Expansion page.
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