ADGM Announces New Incentive Initiative for Al Reem Island

Abu Dhabi Global Market (ADGM) has launched a new incentive initiative exclusively for established businesses on Al Reem Island operating within the non-financial and retail sectors. This strategic move is designed to support these businesses during their transition from the Abu Dhabi Department of Economic Development (ADDED) to ADGM.

Under this initiative, qualifying businesses on Al Reem Island will be exempt from any fees for obtaining an ADGM commercial licence until 31st October 2024. This measure is aimed at streamlining the transition process for these businesses, allowing them to continue to prosper without the added financial burden during this period.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, stated that the initiative would help alleviate any potential disruptions these businesses might face when transitioning from an ADDED licence to an ADGM licence, enabling them to operate within ADGM’s jurisdiction swiftly.

Eyad Mahadeen (pictured) is the Chief Legal Officer & Board Secretary at Abu Dhabi Global Market (ADGM)

ADGM encourages all businesses that fall under the non-financial and retail categories on Al Reem Island to seize this opportunity. This initiative underscores 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 offering these incentives, ADGM aims to reaffirm its role as a catalyst for business success and innovation in the region.