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ADGM: 05 Mar 2024
Abu Dhabi Global Market (ADGM), the international financial centre of the UAE’s capital, hosted its first event for the business community on Al Reem Island on 4th March 2024 at Sorbonne University Abu Dhabi, one of the most prestigious academic institutions in the UAE and globally. The event underscored ADGM’s efforts to engage with the business community on Al Reem Island and support their transition to ADGM’s jurisdiction which was expanded to Al Reem Island following the UAE Cabinet Resolution No. (41) of 2023.
Over 500 representatives from various businesses based in Al Reem Island attended the insightful event, alongside officials from the Abu Dhabi Department of Economic Development (ADDED) and the Department of Municipalities and Transport – Abu Dhabi (DMT) who were also present to interact and engage with the attendees.
During the event, the benefits and requirements for establishing operations in ADGM's jurisdiction were emphasised. Additionally, a specialised team of ADGM experts was available to address inquiries related to ADGM's expansion, covering aspects such as licensing, registration, and fees. Detailed guidance was provided to participants on how to transition from an ADDED licence to an ADGM licence by the official deadline of 31st December 2024, demonstrating ADGM's dedication to facilitating a seamless transition experience.
ADGM has adopted a phased migration approach to enable an orderly and efficient transition of Al Reem Island businesses into its jurisdiction. Post expansion, it has taken multiple initiatives to facilitate the transition period, including setting up an information centre at Shams Boutik Mall at Al Reem Island, to serve as a hub for information as well as engagement, and timely awareness to businesses on the island.
Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said, “Connecting, communicating, and engaging are key pillars for establishing a growing and prosperous business community. As we step into a new era for ADGM with the Al Reem Island Expansion, we are keen to strengthen these pillars with our first event that aims to bring together Al Reem Island’s business community to not only support them in their transitional journey but also build a rooted and lasting business relationships where we thrive to tell Abu Dhabi’s growth story as the ‘Falcon Economy’.”
His Excellency Mohammed Munif Al Mansouri, Executive Director of the Abu Dhabi Business Centre at ADDED, said: “The smooth transition of businesses to ADGM’s jurisdiction is a testament to the flexibility and proactive policies and approaches of Abu Dhabi and the capabilities of its business sector to provide attractive opportunities for entrepreneurs and investors from inside and outside the UAE. We remain committed to continue working closely with ADGM to provide the necessary support to current and future businesses and meet their requirements, ensure ease of doing business, and increase Abu Dhabi’s global competitiveness to consolidate the Emirate’s position as a preferred destination for talents, investments, and businesses”.
H.E. Dr. Salem Al Kaabi, Director General of Operational Affairs at the DMT, said, “In alignment with our leaders’ vision to elevate Abu Dhabi into one of the world’s largest international financial districts, DMT is committed to supporting businesses during this pivotal transitional period as Abu Dhabi Global Market expands its jurisdiction as a Financial Free Zone. Through our collaborative efforts, we aim to help strengthen the growth and development of Abu Dhabi’s economic landscape, while ensuring a seamless transition for businesses and fostering a thriving financial ecosystem in the Emirate.”
Hana Saad Mohammad, Managing Director at Federal Properties – an Al Reem Island-based company that recently transitioned to an ADGM licence, said, "ADGM has been unwavering in their support and guidance throughout our company's transition from an ADDED to an ADGM licence. From the initial consultation to the final transition, their commitment and expertise made the entire process seamless and effortless. We are thrilled to now be part of ADGM’s vibrant community and look forward to the opportunities and resources it will bring to our company. "
The expansion has increased ADGM's jurisdiction tenfold, establishing it as one of the world's largest financial districts, with a geographic footprint of nearly 14.3 million square meters. This stands as a testament to ADGM’s dynamic expansion and reinforces its reputation as the region's fastest-growing international financial centre, both in physical size and operational scope.
For further information on the transition to Al Reem Island, please contact at contact alreem@adgm.com.
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