The Abu Dhabi Airports Free Zone (ADAFZ) has reduced the cost of setting up business in the free zone by more than 65 percent. The cutback in fees is a part of a move that aims towards improved customer satisfaction, enhanced regional competitiveness and new sources of foreign direct investment.

The free zone authority has also decided to exempt new companies from paying license fees. Apart from these benefits, tax exemptions are also expected.

“ADAFZ has received a Tawtheeq registration exemption as well as an exclusion of VAT in designated zones across its properties for its customers. It is equally enhancing its processes to reduce the registration time, enabling clients to set up at its facilities at minimal time and cost,” a free zone authority official said.

“This new approach of reducing cost and time falls in line with the directions of His Highness Sheikh Mohammad bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Executive Council of Abu Dhabi to boost Abu Dhabi’s economic competitiveness,” said Bryan Thompson, chief executive officer of Abu Dhabi Airports.

“This is being done through a number of initiatives and incentives that aim to attract businesses and institutions to establish themselves in the emirate, ensuring sustainable growth across all economic sectors and strengthening Abu Dhabi’s status on the world economic stage.”

Off late the government has come up with many new initiatives to help companies to cope with high costs and enhance economic growth.