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Business Bureau, Gulf Today
To support the Dubai Free Zones Council economic stimulus package, Dubai International Financial Centre (DIFC) proposes implementing five initiatives over the next three months.
These initiatives include waiving annual licence fees for new companies during the next three months, and a 10% discount on renewal fees for existing licenses during the same period.
Furthermore, companies will enjoy additional facilities, such as the postponing of payment plans for all commercial properties owned by DIFC Investments for a period of 6 months. DIFC will reduce its ownership transfer fees from 5% to 4% for any property sale that occurs within the authorised three-month period, if ownership transfers are registered at DIFC within 30 days after the end of the three-month period.
Essa Kazim, Governor of Dubai International Financial Centre (DIFC), said: “As the leading financial centre of the region, and in line with Dubai government’s economic stimulus package, and the directives of His Highness Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, we are committed to supporting our community during these unprecedented times. The new economic stimulus package presented by the Dubai International Financial Centre shows its continued dedication to implementing comprehensive measures to support businesses and enable companies to continue their operations easily and flexibly.”
Saeed Humaid Matar Al Tayer, Chairman and CEO of Meydan Group, said: “In line with our government’s directives to develop initiatives that support the business sector during these difficult times, and after consulting with business owners at the Meydan Free Zone, we are committed to collaborating with them on our collective economic recovery. A package of initiatives has been developed in coordination with the DFZ Council to reduce financial burdens on individuals and companies, including waiving fines on expired licenses, facilitating payments installments, and waiving licensing fees for the first year. We salute our leaders for their honourable efforts in providing all kinds of support for society”. Malek Sultan Al Malek, Director General of the Dubai Development Authority (DDA) and Group CEO of TECOM Group said: “Launching this package is testimony to Dubai’s commitment to the wise leadership’s directives, which aim to tackle all challenges by reducing the economic impact on the Emirate and strengthen its position as a global and regional investment destination. Over the last 20 years, we have managed to build a sustainable economic sector, and we will continue to provide all the necessary support to our partners and investors to tackle the consequences of the current global crisis.”
The package presented by DDA and TECOM Group include a set of initiatives which provide the necessary resources and support to SMEs in order to ensure their continuity. Companies can postpone payments, and new firms can postpone their lease periods and cancel their registration fees for a period of 6 months. They can also cancel all fines on expired licenses and other financial and administrative fees. The package also offers flexible fee payments, including building licenses and services, in addition to refunding security deposits and guarantees to enhance their liquidity.
Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South said: “We launched a package of initiatives in line with the directives of the wise leadership and their vision to support partners and investors, in light of the global economic challenges resulting from the spread of the novel Coronavirus. The package offers four initiatives including waiving fees on residential land and expired licenses, facilitating payments through monthly checks and exempting licensing fees for the first year. The package aims at supporting our partners and investors during these exceptional circumstances and responds to the leadership vision and its initiatives to support the Emirate’s economy and resume its strong performance. Dubai South is fully prepared to launch any additional initiatives that contribute to supporting Dubai’s economy”.
Ahmed Bin Sulayem, CEO and Executive Chairman of DMCC said: “Today, we are experiencing unprecedented conditions, and we at DMCC feel the suffering of all those affected by the spread of COVID-10. We stand in solidarity with all effected parties and support the UAE government’s proactive efforts and help. DMCC is committed to supporting the national economy during these difficult times by taking a set of effective measures to reduce the cost of doing business in Dubai.”
“We have also offered large exemptions on a wide range of fees for the 17,000 registered companies, by reducing registration fees by 50% for new companies joining the centre, while current companies now have 30% discounts on renewal and amendment fees. In addition, we have launched many flexible payment options for various sectors. We will continue supporting their needs and announce additional details in due course.”