The Abu Dhabi Global Market (ADGM) recently concluded a series of consultative meetings with companies situated on Al Reem Island, unveiling its latest initiative dubbed “Incentives.” This initiative, tailored for companies operating in the non-financial and retail sectors, aims to streamline the process of transferring their licenses from the Department of Economic Development – Abu Dhabi to ADGM.
Under the “Incentives” initiative, eligible companies based on Reem Island will enjoy an exemption from trade license fees at ADGM until October 31, 2024. This proactive measure seeks to facilitate a seamless transition for businesses, allowing them to continue operations without encountering additional financial burdens during this transition period.
Hamad Sayyah Al Mazrouei, CEO of the ADGM Registration Authority, emphasized the priority placed on ensuring a smooth transition for companies on Reem Island. He highlighted the consensus reached during the consultative meetings, culminating in the launch of the “Incentives” initiative. This initiative aims to provide support to companies outside the financial and retail sectors, enabling them to obtain commercial licenses from ADGM without the usual associated fees. Such measures aim to mitigate potential disruptions that may arise during the transition from an “Abu Dhabi Economy” license to an ADGM license, facilitating a swift integration into the market’s jurisdiction.
ADGM encourages all non-financial sector companies and retail sector businesses on Reem Island to promptly seize this exceptional opportunity. This initiative underscores ADGM’s commitment to fostering a supportive and business-friendly environment in Abu Dhabi, thereby fostering sustainable growth and bolstering the local economy. Through these incentives, ADGM reaffirms its role as a driving force for business success and innovation in the region.
