Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital, hosted its inaugural event for the business community on Al Reem Island. The event took place on March 4, 2024, at Sorbonne University Abu Dhabi.
The event aimed to highlight ADGM’s commitment to engaging with the business community on Al Reem Island and supporting their transition to ADGM’s jurisdiction, which was expanded to include Al Reem Island following UAE Cabinet Resolution No. (41) of 2023.
Read more: ADGM officially initiates operations on Al Reem Island
More than 500 representatives from various businesses based on Al Reem Island attended the event. Officials from the Abu Dhabi Department of Economic Development (ADDED) and the Department of Municipalities and Transport – Abu Dhabi (DMT) were also present to interact and engage with the attendees.
Benefits of establishing operations in ADGM
During the event, the benefits and requirements of establishing operations within ADGM’s jurisdiction were emphasized. ADGM provided a specialized team of experts to address inquiries related to its expansion, including licensing, registration and fees. Detailed guidance was provided to participants on how to transition from an ADDED license to an ADGM license by the official deadline of December 31, 2024, demonstrating ADGM’s commitment to facilitating a seamless transition experience.
ADGM has adopted a phased migration approach to ensure an orderly and efficient transition of businesses on Al Reem Island into its jurisdiction. As part of this effort, ADGM has established an information center at Shams Boutik Mall on Al Reem Island. The center serves as a hub for information, engagement, and timely awareness for businesses on the island.
Key pillars: Connecting, communicating, and engaging
Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, said, “Connecting, communicating, and engaging are key pillars for establishing a growing and prosperous business community. As we step into a new era for ADGM with the Al Reem Island Expansion, we are keen to strengthen these pillars with our first event that aims to bring together Al Reem Island’s business community to not only support them in their transitional journey but also build rooted and lasting business relationships where we thrive to tell Abu Dhabi’s growth story as the ‘Falcon Economy’.”
Flexibility and proactive policies
Mohammed Munif Al Mansouri, executive director of the Abu Dhabi Business Centre at ADDED, said: “The smooth transition of businesses to ADGM’s jurisdiction is a testament to the flexibility and proactive policies and approaches of Abu Dhabi and the capabilities of its business sector to provide attractive opportunities for entrepreneurs and investors from inside and outside the UAE. We remain committed to continue working closely with ADGM to provide the necessary support to current and future businesses and meet their requirements, ensure ease of doing business, and increase Abu Dhabi’s global competitiveness to consolidate the Emirate’s position as a preferred destination for talents, investments, and businesses”.
DMT’s commitment to supporting businesses
Additionally, Dr. Salem Al Kaabi, director general of Operational Affairs at the DMT, said, “In alignment with our leaders’ vision to elevate Abu Dhabi into one of the world’s largest international financial districts, DMT is committed to supporting businesses during this pivotal transitional period as Abu Dhabi Global Market expands its jurisdiction as a Financial Free Zone. Through our collaborative efforts, we aim to help strengthen the growth and development of Abu Dhabi’s economic landscape, while ensuring a seamless transition for businesses and fostering a thriving financial ecosystem in the Emirate.”
ADGM’s unwavering support and guidance
Hana Saad Mohammad, managing director at Federal Properties – an Al Reem Island-based company that recently transitioned to an ADGM licence, said, “ADGM has been unwavering in their support and guidance throughout our company’s transition from an ADDED to an ADGM licence. From the initial consultation to the final transition, their commitment and expertise made the entire process seamless and effortless. We are thrilled to now be part of ADGM’s vibrant community and look forward to the opportunities and resources it will bring to our company. “
Moreover, the expansion has increased ADGM’s jurisdiction, making it one of the world’s largest financial districts, covering nearly 14.3 million square meters. This expansion showcases ADGM’s dynamic growth and reinforces its reputation as the region’s fastest-growing international financial center, both in terms of physical size and operational scope.
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