The Ministry of Human Resources and Emiratisation (MoHRE) and Abu Dhabi Global Market (ADGM) have joined forces to simplify the process for companies on Al Reem Island seeking to transfer their work permits and licenses. This collaboration, formalized through a Memorandum of Understanding (MoU), aims to enhance the business environment in Abu Dhabi's capital.
Khalil Al Khoori, MoHRE's Under-Secretary for Human Resources Affairs, emphasized the MoU's significance in facilitating a smooth transition for Al Reem Island companies to ADGM. He highlighted the benefits of ADGM's comprehensive and advanced ecosystem, designed to empower businesses.
This initiative aligns with MoHRE's ongoing efforts to streamline procedures and boost the UAE's labor market competitiveness. The streamlined transfer process is expected to expedite business operations and reduce administrative burdens for companies seeking to relocate to ADGM.
Hamad Sayah Al Mazrouei, CEO of the Registration Authority at ADGM, echoed Al Khoori's sentiments. He pointed out that the MoU reflects ADGM's commitment to providing an attractive and supportive environment for businesses.
The new procedures will encompass a more efficient transfer system for work permits and licenses, enabling companies to leverage ADGM's unique advantages. This includes access to a global network, a modern legal framework, and a streamlined regulatory environment.
Analysts predict this collaboration will have a positive impact on Al Reem Island's business landscape. By simplifying the transfer process, companies will be incentivized to explore the opportunities offered by ADGM, potentially leading to increased investment and economic growth.
Furthermore, the MoU is expected to contribute to the UAE's overall strategy of attracting and retaining foreign direct investment. By offering a more flexible and efficient business environment, the UAE can solidify its position as a leading business hub in the region.
The streamlined transfer process is yet another step towards achieving the UAE's vision of a diversified and knowledge-based economy. By fostering an environment that supports business growth and innovation, the UAE can create a sustainable and prosperous future.