Firms within twofour54 can apply for a Abu Dhabi Department of Economic Development licence in addition to their existing free zone licence.rn
A new agreement between Media Zone Authority Abu Dhabi (MZA) and Abu Dhabi Department of Economic Development (DED), allows firms within the media free zone to apply for a DED branch licence in addition to their existing free zone licence, without the need to have a second additional onshore office or premises.
Production house, Media Mania and creative communications agency, All About Brands, both based within media free zone, twofour54, have become the first firms to avail of the onshore licence.
twofour54 is reportedly encouraging and supporting partners through the process to enable them to take advantage of this new commercial opportunity.
MZA, the authority regulating twofour54 said the licence helps firms freely carry out their commercial activities as well as take part in more tenders for government and semi-government entities, helping connect the private and public sectors in the emirate.
Speaking about the implications of the agrement, His Excellency Khalifa Bin Salem Al Mansouri, Undersecretary of the Department of Economic Development, said: Allowing firms registered with twofour54 to conduct business outside of the free zone will strengthen direct foreign investment in Abu Dhabi.
We are working with other government agencies to attract higher value investments to the emirate, and changes to the license structure is one of the ways we can make it easier for people to come here and set up their business.
Her Excellency Maryam Eid Al Mheiri, CEO of the Media Zone Authority Abu Dhabi and twofour54, said: At twofour54, our partners success is our success and we will continue to support them as we help foster Abu Dhabis rapidly growing media industry.
This agreement with DED illustrates how our partners needs are at the forefront of everything we do as we strive to create a unique and vibrant media ecosystem of which the UAE is proud.
Ronald Daou, General Manager of Media Mania, which describes itself as a one-stop solution for all media needs, said the new licence will allow Media Mania to grow even further.
We are proud to be one of the first companies at twofour54 to get this licence, he said. We believe that this will open doors to new opportunities for Media Mania, particularly when it comes to working with government entities.
It will allow us to remain part of the close-knit community of firms at twofour54, from start-ups to international names, and yet be even more connected to the government as well.
A number of other firms at twofour54 are reportedly following the lead of Media Mania and All About Brands by applying for the license.