ADGM Strengthens Business Community With First Event On Al Reem Island

Abu Dhabi Global Market (ADGM) recently marked a significant milestone by hosting its inaugural event for the Al Reem Island business community at Sorbonne University Abu Dhabi. This event highlighted ADGM's commitment to engaging with local businesses and supporting their transition into ADGM’s expanded jurisdiction. This expansion, sanctioned by the UAE Cabinet Resolution No. (41) of 2023, now includes Al Reem Island, significantly broadening ADGM's operational scope.

Over 500 business representatives from Al Reem Island attended the event, alongside officials from the Abu Dhabi Department of Economic Development (ADDED) and the Department of Municipalities and Transport – Abu Dhabi (DMT). The gathering served as a platform for dialogue and engagement, emphasizing the benefits and requirements of establishing operations within ADGM's jurisdiction. A team of ADGM experts was on hand to address inquiries related to licensing, registration, and fees, offering detailed guidance on transitioning from an ADDED licence to an ADGM licence by the official deadline of 31st December 2024.

ADGM has adopted a phased migration approach to ensure an orderly and efficient transition for Al Reem Island businesses. Initiatives include establishing an information centre at Shams Boutik Mall on Al Reem Island, aimed at serving as a hub for information dissemination and engagement, alongside raising timely awareness among businesses about the transition process.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, emphasized the importance of connection, communication, and engagement in building a prosperous business community. He highlighted ADGM's dedication to supporting the business community through this transitional journey and fostering lasting relationships that contribute to Abu Dhabi’s growth narrative as the ‘Falcon Economy’.

Mohammed Munif Al Mansouri, Executive Director of the Abu Dhabi Business Centre at ADDED, praised the smooth transition process as evidence of Abu Dhabi’s flexible policies and its business sector's capability to attract entrepreneurs and investors. Dr. Salem Al Kaabi, Director General of Operational Affairs at DMT, reiterated DMT’s commitment to supporting businesses during this critical period and contributing to Abu Dhabi’s economic landscape.

Hana Saad Mohammad, Managing Director at Federal Properties, shared her company's positive experience transitioning to an ADGM licence. She commended ADGM for their support and expertise throughout the process, expressing enthusiasm about joining ADGM’s vibrant community.

The expansion has significantly increased ADGM's jurisdiction to nearly 14.3 million square meters, establishing it as one of the world's largest financial districts. This development not only underscores ADGM’s dynamic growth but also reinforces its status as the region's fastest-growing international financial centre in terms of both physical size and operational scope.

With inputs from WAM