admin In a significant development for businesses on Al Reem Island, the Abu Dhabi Global Market (ADGM) has introduced a fee waiver for commercial licences valid until October 31. This initiative aims to alleviate financial burdens on businesses during their transition to ADGM’s regulatory framework, especially targeting sectors outside of finance and retail.
Collaboration and Consultation
This decision came after ADGM conducted several focus group meetings with local businesses to understand their specific operational challenges and requirements. These discussions highlighted the need for support as businesses shift from the Abu Dhabi Department of Economic Development (ADDED) to ADGM’s jurisdiction. By directly engaging with the business community, ADGM has tailored its initiatives to better meet their needs and facilitate a smoother transition.
Ensuring Business Continuity and Growth
Hamad Sayah Al Mazrouei, CEO of ADGM’s Registration Authority, emphasised that this move is aligned with the goal of minimising disruptions for businesses during their transition. The waiver of the commercial licence fees is part of ADGM’s broader strategy to support non-financial and retail businesses during this critical period. Businesses on Al Reem Island are encouraged to take advantage of this unique opportunity, which not only helps them maintain operational continuity but also enhances their potential for growth in a supportive regulatory environment.
This policy reflects ADGM’s proactive approach to fostering a robust economic environment where businesses can thrive. By removing financial hurdles, ADGM is ensuring that businesses can seamlessly transition under its jurisdiction without the immediate financial strain of licensing fees. This initiative is a testament to ADGM’s commitment to supporting the local business ecosystem, thereby contributing to Abu Dhabi’s larger economic objectives.
The fee exemption is a clear message of ADGM’s dedication to facilitating business operations and growth on Al Reem Island. It underscores the importance of understanding and responding to the needs of the business community, thereby ensuring that Abu Dhabi remains an attractive destination for entrepreneurs and established enterprises alike. This strategic move not only benefits the businesses directly involved but also enhances the overall economic landscape by fostering a more conducive environment for business innovation and development.
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