Abu Dhabi: New deal signed for work permits, licence transfers of Al Reem firms

Companies that obtain an ADGM licence will enjoy certain benefits, including a streamlined transition process

A Staff Reporter

Published: Fri 29 Mar 2024, 2:03 PM

Last updated: Fri 29 Mar 2024, 2:04 PM

The transfer of work permits and licences of Al Reem Island-based companies to Abu Dhabi Global Market (ADGM) has been streamlined to create an attractive and supportive work environment for the business sector in the Capital.

The Ministry of Human Resources and Emiratisation (Mohre) and ADGM signed a memorandum of understanding on Friday that will “enhance ease of doing business, boost the efficiency, attractiveness, and competitiveness of the UAE labour market, and enable the provision of services that ensure the utmost ease and efficiency,” noted Mohre undersecretary Khalil Al Khoori.

Companies that obtain an ADGM licence will enjoy advantages that the market offers, including the direct application of English Commons law, along with tax benefits and progressive regulations.

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Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, said: “Our close collaboration sets an example for us to follow when establishing integration between ADGM and various government entities, as a means to create an attractive and supportive work environment for the business sector in the Emirate of Abu Dhabi.”

“The MoU forms part of our continuous efforts to ensure a smooth transition for companies operating on Al Reem Island to ADGM, where they can benefit from the added value the market provides with its comprehensive and advanced ecosystem,” he added.

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