Abu Dhabi Airports Free Zone, a wholly-owned subsidiary of Abu Dhabi Airports, has signed a Memorandum of Understanding with the Registration Authority of Abu Dhabi Global Market. They are working in partnership to enhance their customer offerings and strengthen the position of Abu Dhabi as a pioneering market for economic development. Report by Ross Falconer
Established as part of the Abu Dhabi Government’s economic diversification strategy, Abu Dhabi Airports Free Zone (ADAFZ) is now one of the fastest-growing free zones in the region. Serving as a strategic hub, it has attracted businesses from about 40 countries, covering a diverse range of sectors, including aviation, aerospace, technology and Information & Communications Technology, pharmaceuticals, cold storage, logistics, aircraft chartering, e-commerce, and management consultancy.
A wholly-owned subsidiary of Abu Dhabi Airports, ADAFZ operates free zones at Abu Dhabi International Airport, Al Ain International Airport, and Al Bateen Executive Airport. These all offer 0% import or re-export duties, no restrictions on capital repatriation, no currency restrictions, and a full range of services including company registration, licensing, leasing and rapid visa processing for employees.
Meanwhile, the facilities and infrastructure include warehousing units, commercial offices, fully serviced business centres, and plots of land for development.
ADAFZ recently signed a Memorandum of Understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM Registration Authority) to promote Abu Dhabi as a financial centre. The MoU was signed by Rowan Michael Kelly, Senior Vice President, ADAFZ, and Dhaher bin Dhaher Al Mheiri, CEO ADGM Registration Authority.
“The signing of this MoU is a milestone in the ongoing development of Abu Dhabi’s economic landscape, recognising the shared objectives and mutual interests between both entities,” comments Bryan Thompson, CEO Abu Dhabi Airports. “By working together, we will focus on meeting our customers’ needs through an expanded product offering and simplified commercial processes, including company licensing, registration and employee visa processing.”
The MoU seeks to establish joint initiatives to provide warehouse commercial licensing, incentives and knowledge sharing. The agreement addresses several important areas of cooperation aimed at increasing benefits for customers where ADAFZ will be facilitating the provision of warehouse facilities for ADGM entities, and both parties will promote legal structures available at each of their respective free zones to investors. The MoU also calls for the creation of a joint committee to oversee the collaboration between ADAFZ and the ADGM Registration Authority.
“Customers will be offered a variety of facility leasing options, such as warehousing units, commercial offices and land plots, where facility management services are offered,” adds Rowan Michael Kelly, Senior Vice President, ADAFZ. “Through this joint effort, we will support the growth of Abu Dhabi as a key economic hub and enhance the position of the UAE on a global scale.”
The MoU’s framework for strategic cooperation aims to enhance tactics to support the growth and development of the economy of Abu Dhabi, promoting it as a business-friendly environment that prioritises the ease of doing business for stakeholders.
Dhaher Bin Dhaher Al Mheiri, CEO of ADGM Registration Authority, explains that the collaboration complements Abu Dhabi’s growing commercial facilities and services portfolio. “It will offer seamless and integrated solutions for investors with a focus on streamlining business setup. The agreement intends to boost the UAE’s vision to transform the country’s economy, by diversifying the range and depth of economic activity, and driving in more growth from emerging sectors.”