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 per cent waiver on commercial licence renewal fees (with exception of SPVs and foundations licences), business activity renewal fees, data protection renewal fees, new Temporary Work Permits issuance and renewal and late application fees until March 25, 2021 and 100 per cent waiver on annual Funds fees until December 31, 2020.

 

Besides it has announced 100 per cent refund of annual funds fees already paid by Financial Services Regulatory Authority (FSRA)-regulated entities for 2020, 50 per cent refund of supervision fees already paid by FSRA-regulated entities for 2020 and 50 per cent waiver on any new FSRA supervision fees to be collected until December 31, 2020.

 

Also ADGM has called for deferment of rental payments and service charges for office tenants at the ADGM Square on Al Maryah Island for 2020.

 

Minister of State and ADGM Chairman Ahmed Ali Al Sayegh said: "We have 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," he noted.

 

According to him, ADGM and all its authorities, including the ADGM Academy and the ADGM Arbitration Centre, remain fully operational and all the services are available digitally. 

 

"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," he added.-TradeArabia News Service