The initiative of Dubai Free Zones Council has declared a major relief package for companies operating in free zones including rent postponement up to six months to help them overcome Covid-19 challenges under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
In order to rent postponements, the package includes facilitating payments through easy installments, refunding insurance amounts, canceling fines on companies and individuals, refunding security deposits and guarantees, and temporary contracts that allow the free movement of labor between companies operating in the free zones.
The objects that contributed to this economic stimulus package, in synchronization with the Dubai Free Zones Council, include the Dubai Silicon Oasis Authority, the Dubai Airport Free Zone Authority, Jebel Ali Free Zone, the Dubai World Trade Centre, the Dubai International Financial Centre, the Dubai Development Authority, Dubai South, Meydan City Corporation and the Dubai Multi Commodities Centre.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, and President of the Dubai Civil Aviation Authority, Chairman of Emirates airline and Chief Executive of the Emirates Group stated that ensuring the business continuity of companies and offering them the support they need is critical to the Dubai economy’s ability to successfully overcome the crisis.
Here, the necessary support for companies through a package of discounts and freedoms from fees in Jebel Ali Free Zone, National Industries Park, and Dubai Cars and Automotive Zone. This includes waiving fines on expired trade licenses for companies operating in these zones and new companies can start their businesses without giving license fees for the first year,” said Sultan Ahmed bin Sulayem, group chairman and CEO of DP World and CEO and chairman of Ports, Customs and Free Zone Corporation.
Helal Saeed Almarri, director-general of the Dubai World Trade Centre Authority, said that they will help in maintaining sustainable commercial operations through these measures and reduce burdens on the sectors most affected by this crisis, such as SMEs by providing the necessary support to all customers, partners, and suppliers.
Dr. Mohammed Al Zarouni, vice-chairman and CEO of the Dubai Silicon Oasis Authority and director-general of the Dubai Airport Free Zone Authority announced that Dubai is proving its ability to mitigate the negative effects of the crisis and speed up the economy, with future positive returns for the Emirate and the region and in addition to the preventive measures it has taken to limit the spread of Covid-19 also.
The DIFC proposes fulfilling five initiatives over the next three months and it includes waiving annual license fees for new companies during the next three months also with a 10 percent discount on renewal fees for existing licenses during the meantime said by Essa Kazim, governor of the Dubai International Financial Centre.
There more additional facilities for companies like the postponing of payment plans for all commercial properties owned by DIFC Investments for a period of six months, the DIFC will reduce its ownership handover fees from 5 percent to 4 percent for any property sale that occurs within the legal three-month period if ownership transfers are registered at the DIFC within 30 days after the end of the three-month period.
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