The Abu Dhabi Chamber of Commerce and Industry has issued a resolution to exempt private sector companies in Abu Dhabi from all fines that are due to delayed membership renewals of 24 months or more, a media report said.

The move aims to give them the opportunity to adjust their status until the end of December, reported Emirates news agency Wam.

Mohammed Hilal Al Muhairi, director-general of Chamber, stated that the resolution is part of the chamber’s community initiatives for 2018, on the occasion of the Year of Zayed and in response to initiatives launched by several national authorities and institutions, as per the directives of the UAE government to reduce the cost of doing business.

Al Muhairi praised the ongoing support of the Abu Dhabi Government for various economic sectors in the emirate, as well as its desire to find solutions and encourage them to practice their activities, which will assist the emirate’s economic development.

He affirmed that the exemption reflects the timely response of institutions that support local economic sectors, including the chamber, to a series of economic initiatives launched by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to facilitate business and reduce costs.

Al Muhairi added that 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.

He also pointed out that while the number of members of the chamber exceeded 90,000 in 2018, the exemption is expected to cover only around 6.6 per cent of those eligible.

He called on companies and institutions that are members of the chamber, which desire to adjust their status, to benefit from the resolution and submit a request.