The logistics park at Abu Dhabi Airports Free Zone Image Credit: Supplied

Dubai: The Abu Dhabi Airports Free Zone (ADAFZ) has reduced the fees associated with setting up a business by more than 65 per cent.

In a move that could ease the cost of doing business in the UAE, the authority said it is also waiving all licence fees for new companies.

Aside from reducing setup costs and waiving fees, companies in the free zone will also benefit from tax exemptions.

“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,” the free zone authority said.

This is the latest in a series of government initiatives that are geared towards helping companies cope with high costs amid challenging conditions, and enhance economic growth.

Among the most recent cost-reduction strategies recently announced include the release of Dh250 million bank guarantees and waiver of fees for public relations officers within the tourism sector.

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The Dubai Healthcare City Authority (DHCA) also announced on Tuesday that it has reduced a number of fees for companies operating in the medical industry, including operating permit fees for hospitals, clinics, diagnostic centres, pharmacies and laboratories, among others.

“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,” 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."