In keeping with Abu Dhabi’s robust economic stimulus package to support the economic activity and facilitate business in the Emirate, Abu Dhabi Global Market, ADGM, has launched a set of financial and support measures to mitigate the adverse impact of the coronavirus, COVID-19, pandemic on registered entities operating in its financial free zone on Al Maryah Island
ABU DHABI, (Pakistan Point News - 01st Apr, 2020) In keeping with Abu Dhabi’s robust economic stimulus package to support the economic activity and facilitate business in the Emirate, Abu Dhabi Global Market, ADGM, has launched a set of financial and support measures to mitigate the adverse impact of the coronavirus, COVID-19, pandemic on registered entities operating in its financial free zone on Al Maryah Island.
The ADGM support measures include: 100 percent waiver on commercial licence renewal fees (with exception of SPVs and foundations licences) until 25 March 2021, 100 percent waiver on business activity renewal fees until 25 March 2021, 100 percent waiver on data protection renewal fees until 25 March 2021, 100 percent waiver on new Temporary Work Permits issuance, renewal and late application fees until 25 March 2021, 100 percent waiver on annual Funds fees until 31 December 2020, 100 percent refund of annual Funds fees already paid by Financial Services Regulatory Authority, FSRA, regulated entities for 2020, 50 percent refund of Supervision fees already paid by FSRA regulated entities for 2020, 50 percent waiver on any new FSRA Supervision fees to be collected until 31 December 2020 and Deferment of rental payments and service charges for office tenants at ADGM Square on Al Maryah Island for 2020.
Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, said, "ADGM has prepared a set of support measures to assist our registered entities and the community through this challenging period. These measures will complement the current robust packages from the UAE Authorities and Abu Dhabi Government, and bolster the nation’s economic strategy and initiatives to keep our people and country sustainable and safe. The ADGM support measures are effective immediately and many of which are applicable until late March 2021. We will continue to work closely with everyone to weather this storm together and become a stronger and more resilient financial and business marketplace."
ADGM and all its Authorities, including the ADGM academy and the ADGM Arbitration Centre, remain fully operational and all the services are available digitally. ADGM has, and will continue to, actively provide its community with the latest guidance to safeguard the health and well-being of the businesses and community on Al Maryah Island.
