ADGM Introduces Fee Exemption for Al Reem Island Businesses

The Abu Dhabi Global Market (ADGM) recently declared a significant incentive for qualifying businesses on Al Reem Island. 

Effective immediately, these businesses will be exempt from commercial license fees until October 31, as announced by ADGM.

Insights from Focus Group Meetings:

This initiative follows a series of focused discussions held by the international financial center with businesses operating on Al Reem Island. 

These meetings aimed to gather valuable insights into local businesses’ unique requirements, concerns, and challenges.

Tailored Support for Non-Financial and Retail Sectors:

Based on feedback received during these consultations, ADGM introduced the fee exemption specifically targeting established businesses in Al Reem Island’s non-financial and retail sectors. 

This measure supports businesses transitioning from the Abu Dhabi Department of Economic Development (ADDED) to ADGM.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, emphasized aligning this initiative with ADGM’s broader objectives. 

He highlighted that the fee exemption aims to facilitate a seamless transition for businesses, enabling them to swiftly obtain an ADGM commercial license without incurring additional costs.

Encouragement for Business Participation:

ADGM urges all eligible businesses operating within Al Reem Island’s non-financial and retail sectors to capitalize on this exceptional opportunity. 

By leveraging this incentive, businesses can navigate the transition process smoothly and continue operations within ADGM’s jurisdiction.