Abu Dhabi Global Market (ADGM) has introduced a specialized incentive program aimed at established businesses located on Al Reem Island, operating in non-financial and retail sectors.
The initiative is strategically designed to provide enhanced assistance to these businesses during their transition from the Abu Dhabi Department of Economic Development (ADDED) to ADGM.
Read more: ADGM: Over 70 percent of companies plan workforce expansion in 2024
Under this incentive program, eligible businesses on Al Reem Island will be exempt from the fees associated with obtaining an ADGM commercial license until October 31, 2024.
This proactive measure is intended to streamline the transition process for these businesses, allowing them to thrive without the additional financial burden during this period.
Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, highlighted that this initiative will help minimize any potential disruptions that businesses may face when transitioning from an ADDED license to an ADGM license, facilitating their operations within ADGM’s jurisdiction.
ADGM encourages all non-financial and retail businesses 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, thereby 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.
ADGM’s strong growth
According to the a recent survey from ADGM, several sectors among the ADGM community are experiencing strong growth trajectories, with Asset Management leading the way as recognized by 18.56 percent of respondents who acknowledge its significant growth potential. Fintech, Digital Assets, Blockchain, and Distributed Ledger Technology (DLT) closely follow, with 17.08 percent and 16.83 percent of stakeholders, respectively, placing their bets on their rise. Sustainable Finance and Private Banking and Wealth Management have also garnered growing interest and are projected to experience substantial growth. Additionally, Professional Services are expected to continue their upward trend, rounding out the sectors poised for expansion within ADGM’s dynamic financial landscape.
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