(MENAFN- Khaleej Times) The Abu Dhabi Global Market (ADGM) on Tuesday announced that qualifying businesses on Al Reem Island will be exempt from paying fees for obtaining a commercial licence until October 31.

This was announced after the international financial centre held a series of focus group meetings with businesses located on Al Reem Island to gather insights into the specific requirements, concerns, and challenges they face.

After the meetings, the ADGM announced the new incentive for established businesses situated on the island, operating within the non-financial and retail sectors. This will bolster support for these businesses during their transition from the Abu Dhabi Department of Economic Development (ADDED) to the ADGM.

“Our alignment with this objective has led to the introduction of the new incentive initiative aimed at assisting existing non-financial and retail businesses in Al Reem to obtain an ADGM commercial licence without incurring the fees attached to it. This will help mitigate any potential disruptions that these businesses might encounter when moving from an ADDED (Abu Dhabi Department of Economic Development) licence to an ADGM licence, enabling them to operate within ADGM's jurisdiction, swiftly,” said Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority.

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

ALSO READ:

• Abu Dhabi waives 10% tourism tax on event tickets until December 31

• UAE: Set up a business in free zone in 6 easy steps

• 4 UAE banks help raise Dh4.25-billion syndicated loan for Africa

MENAFN26032024000049011007ID1108024403