<a href="https://www.thenationalnews.com/business/economy/2023/07/10/adgm-publishes-new-hotel-and-tourism-rules-to-boost-regulatory-framework/" target="_blank">The Abu Dhabi Global Market</a> will cut commercial registration licence fees for certain categories while raising them for others, as part of its transitional strategy after the financial district expanded to include <a href="https://www.thenationalnews.com/lifestyle/things-to-do/2024/05/29/reem-mall-abu-dhabi-activities/" target="_blank">Reem Island</a> under its jurisdiction. The revised fee structure, which will come into effect on January 1, 2025, will see <a href="https://www.thenationalnews.com/business/markets/2024/05/20/adgms-assets-under-management-post-record-211-surge-in-first-quarter/" target="_blank">new registrations</a> within the non-financial category halved to $5,000, with annual licence renewal fees cut to $5,000 from $8,000, the ADGM said in a statement on Wednesday. The registration fee for the retail category has been slashed by more than 66 per cent to $2,000, with renewals also halved to $2,000. In the financial category, fees have increased to $20,000 from $15,000, with renewals for an annual ADGM licence rising to $15,000 from $13,000. New and existing licence renewal fees for technology and FinTech start-ups have also been raised to $1,500 from $1,000, while in the special purpose vehicle category they remain unchanged at $1,900. The new fees will take effect as the current transition period ends on December 31, and will be applicable across the <a href="https://www.thenationalnews.com/business/2023/05/08/abu-dhabi-to-expand-adgm-to-create-one-of-worlds-largest-financial-districts/" target="_blank">ADGM’s jurisdictions</a> of Al Maryah and Reem islands. Meanwhile, the cut-off date for the previously introduced fee exemption for qualifying non-financial and retail businesses on Reem Island is October 31, the ADGM said. "We assessed the financial impact on different business categories and previously implemented a fee waiver for qualifying non-financial and retail businesses on Al Reem Island," said Hamad Al Mazrouei, chief executive of the ADGM's Registration Authority. "Building on these efforts ... our aim is to minimise potential disruptions for businesses transitioning to an ADGM licence, enabling them to operate efficiently within our jurisdiction.” Established in 2015, the ADGM, one of the world's fastest-growing financial districts, has recorded rapid growth as the UAE capital boosts its non-oil economy and focuses on attracting more international companies and investors. <a href="https://www.thenationalnews.com/business/2023/05/08/abu-dhabi-to-expand-adgm-to-create-one-of-worlds-largest-financial-districts/" target="_blank">In May last year, as part of efforts to further support</a> its growth, the ADGM revealed a tenfold expansion plan by adding Reem Island into its jurisdiction. The addition of Reem Island as a financial free zone was the result of a Cabinet resolution and increased the ADGM's combined geographic area to about 1,438 hectares. The move followed increased demand from international and regional companies "choosing Abu Dhabi as their preferred location to work and live", the ADGM said at the time. "This expansion will provide businesses in the financial district with several benefits, including being in the jurisdiction of a financial free zone, English common law, the ability to attract top talent, greater access to investment and business opportunities." In May, the ADGM reported a record surge in its assets under management <a href="https://www.thenationalnews.com/business/markets/2024/05/20/adgms-assets-under-management-post-record-211-surge-in-first-quarter/" target="_blank">during the first quarter of 2024</a>, driven by an "unprecedented influx" of global asset managers establishing operations there. AUMs soared by 211 per cent annually in the three months ending in March, as the number of operational entities rose by 30 per cent year-on-year to 1,950, including 291 financial services entities, the ADGM said. The number of fund and asset managers operating at the ADGM reached 107, which collectively manage 137 funds, it said. Among major global companies that have set up base at the ADGM include Goldman Sachs, Blackstone, SBI Capital, Apollo, Fifth Wall, Fidera, Vibrant Capital and the Asian Infrastructure Investment Bank. Local and regional entities operating from the ADGM include ADQ, G42, Chimera Capital, Gulf Capital and Investcorp. The ADGM also recorded strong growth last year, after <a href="https://www.thenationalnews.com/business/economy/2024/03/07/adgm-added-447-firms-last-year-with-assets-under-management-up-35/" target="_blank">AUMs rose by 35 per cent annually</a>, with 102 asset managers. Its workforce grew 22 per cent year-on-year to 13,394.