ADGM Unveils Incentive For Al Reem Island Businesses Aiding Transition

In a significant move to support local businesses, Abu Dhabi Global Market (ADGM) has unveiled a new incentive initiative aimed at established businesses operating in the non-financial and retail sectors on Al Reem Island. This initiative is set to provide substantial relief by waiving the fees for obtaining an ADGM commercial licence until 31st October 2024. This strategic decision is part of ADGM's efforts to facilitate a smoother transition for businesses moving from the Abu Dhabi Department of Economic Development (ADDED) to ADGM's jurisdiction.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, emphasized the importance of this initiative in minimizing potential disruptions for businesses during their transition. He stated, "This initiative 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." This move is expected to enable businesses on Al Reem Island to continue their operations without the financial strain of licence fees during the transition period.

ADGM is actively encouraging all eligible businesses within the specified sectors on Al Reem Island to leverage this unique opportunity. The initiative not only underscores ADGM's commitment to creating a supportive and business-friendly environment in Abu Dhabi but also aims at contributing to the sustainable growth and development of the local economy. By offering these incentives, ADGM reaffirms its role as a key player in fostering business success and innovation within the region.

This incentive initiative is a testament to ADGM's proactive approach in supporting businesses during critical transition phases. It reflects a broader commitment to enhancing Abu Dhabi's appeal as a leading business hub, not just in the financial sector but across a diverse range of industries. As businesses on Al Reem Island prepare to make the transition, this initiative stands as a significant support system, ensuring that the economic landscape of Abu Dhabi continues to thrive and expand.

With inputs from WAM