The exemption is expected to cover only around 6.6 per cent of those eligible, although Abu Dhabi Chamber of Commerce and Industry (ADCCI) members of the exceeds 90,000.
The ADCCI has issued a resolution to exempt private sector companies and institutions in Abu Dhabi from all fines that are due to delayed membership renewals of 24 months or more, according to local newswire, WAM.
ADCCI said that the move aims to give these companies and institutions the opportunity to adjust their status until the end of December.
Mohammed Hilal Al Muhairi, Director General of Chamber, said that the resolution is part of directives by the UAE government to reduce the cost of doing business.
The exemption will reinforce the implementation of the government’s strategy to help companies adjust their status, by reducing the financial burdens resulting from a delay in the renewal of their membership, added Al Muhairi.