ADGM’s Inaugural Business Community Event on Al Reem Island
Abu Dhabi Global Market (ADGM) marked a significant milestone by hosting its first-ever event for the business community on Al Reem Island at Sorbonne University Abu Dhabi, as reported on 5th March, 2024. This event served as a testament to ADGM’s commitment to engaging with the local business community on Al Reem Island and facilitating their transition to ADGM’s jurisdiction, expanded following the UAE Cabinet Resolution No. (41) of 2023.
The gathering witnessed the participation of over 500 representatives from diverse businesses situated on Al Reem Island. Notable officials from the Abu Dhabi Department of Economic Development (ADDED) and the Department of Municipalities and Transport – Abu Dhabi (DMT) were also present, fostering interactions and engagement with the attendees.
The event highlighted the benefits and requirements associated with establishing operations within ADGM’s jurisdiction. A specialized team of ADGM experts was on hand to address inquiries related to the expansion, covering essential aspects such as licensing, registration, and fees. Detailed guidance was provided to participants on navigating the transition from an ADDED license to an ADGM license by the official deadline of 31st December 2024, underscoring ADGM’s dedication to ensuring a seamless transition experience.
ADGM has adopted a phased migration approach to ensure the orderly and efficient transition of businesses on Al Reem Island into its jurisdiction. Various initiatives have been undertaken to facilitate this transition period, including the establishment of an information center at Shams Boutik Mall on Al Reem Island, serving as a hub for information and engagement, ensuring timely awareness among businesses on the island.
Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, emphasized the importance of connecting, communicating, and engaging as key pillars for establishing a growing and prosperous business community. He expressed ADGM’s commitment to building lasting relationships and contributing to Abu Dhabi’s growth story as the ‘Falcon Economy.’
Mohammed Munif Al Mansouri, Executive Director of the Abu Dhabi Business Centre at ADDED, highlighted the smooth transition of businesses to ADGM’s jurisdiction as a testament to Abu Dhabi’s flexible and proactive policies. He reiterated the commitment to working closely with ADGM to support businesses, ensure ease of doing business, and enhance Abu Dhabi’s global competitiveness.
Dr. Salem Al Kaabi, Director General of Operational Affairs at the DMT, reiterated the commitment to supporting businesses during this transitional period, aligning with the vision to elevate Abu Dhabi into one of the world’s largest international financial districts.
Hana Saad Mohammad, Managing Director at Federal Properties, an Al Reem Island-based company that recently transitioned to an ADGM license, expressed gratitude for ADGM’s unwavering support and guidance throughout the transition process. She highlighted the commitment and expertise demonstrated by ADGM, making the entire process seamless and effortless.
The expansion has significantly increased ADGM’s jurisdiction, establishing it as one of the world’s largest financial districts with a geographical footprint of nearly 14.3 million square meters. This underscores ADGM’s dynamic expansion and solidifies its reputation as the region’s fastest-growing international financial center, both in physical size and operational scope.