ADGM announces incentive initiative for existing Al Reem Island businesses transitioning to ADGM

0
139

ABU DHABI, 26th March, 2024 (WAM) — Abu Dhabi Global Market (ADGM) has announced a new incentive initiative crafted exclusively for established businesses situated on Al Reem Island, operating within the non-financial and retail sectors.

This initiative is strategically designed to bolster support for these businesses during their transition from the Abu Dhabi Department of Economic Development (ADDED) to ADGM.

Through this incentive initiative, qualifying businesses on Al Reem Island will be exempt from paying any fees for obtaining an ADGM commercial licence until 31st October 2024.

This proactive measure aims to streamline the transition process for these businesses, enabling them to continue to thrive without the added financial burden during this period.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, said that the 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.

ADGM encourages all businesses that fall under the non-financial and retail categories on Al Reem Island to take advantage of this opportunity.

This initiative reflects ADGM’s commitment to fostering a supportive and business-friendly environment in Abu Dhabi, contributing to the sustainable growth and development of the local economy. By providing these incentives, ADGM aims to reaffirm its role as a catalyst for business success and innovation in the region.