Following the success of its inaugural event, ADGM, the international financial centre, hosted its second Al Reem Island Business Community Event. This event underscores ADGM’s ongoing commitment to engaging with local businesses and supporting their transition under its jurisdiction, with the deadline approaching by the end of the year.
Attended by over 150 representatives from Al Reem Island’s business community, the event provided essential updates on licensing, registration fees, and transition processes. It fostered interactive dialogue and collaboration among stakeholders.
As the deadline approaches for Al Reem Island businesses to transition to ADGM’s jurisdiction, ADGM’s executives shared valuable information on converting an ADDED licence to an ADGM licence. Additionally, the ADGM Registration Authority announced significant fee reductions for obtaining commercial licences, with reductions, exceeding 50 per cent for non-financial and retail licences within ADGM’s jurisdiction, that will take effect from 01 January 2025, aiming to stimulate growth within the financial centre.
Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said, “As advocates for the business community, we are committed to ensuring that businesses are well-informed about the ongoing transition and its impact on their operations. These events serve as a platform to guide and support Al Reem-based companies, fostering a conducive business environment in the emirate. Integrating Al Reem Island businesses smoothly into ADGM’s ecosystem is a key priority for us, reflecting our dedication to nurturing a supportive and business-friendly environment in Abu Dhabi, the Capital of Capital. These efforts align with and contribute significantly to the sustainable growth and development of the economy.”
The integration of Al Reem Island into ADGM marks a transformative chapter, solidifying its position as a leading international financial hub and a preferred global destination. Since the expansion, ADGM has supported the community by establishing an information centre at Shams Boutik Mall and additional centres in business towers on Al Reem Island, enhancing direct engagement and crucial support for the local business community. Furthermore, earlier this year, ADGM announced an incentive initiative exempting existing businesses on Al Reem Island from fees for obtaining an ADGM commercial licence until 31st October 2024.
With all regulatory, administrative, and logistical transitional arrangements in place and actively being implemented, ADGM continues to address key inquiries concerning the impact and outcomes of its jurisdiction expansion.
