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WAM: DMCC announces support package for businesses to boost UAE’s economic resilience

DUBAI, 26th March, 2020 (WAM) — DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – today announced the roll-out of a Business Support Package to support its business community, as well as new companies to navigate the current economic environment.

The package, applicable as of 1st April, 2020, until 30th June, 2020 , includes a range of discounts and waivers, and complements the various economic initiatives announced by the UAE Government to support the business and financial sectors.

Measures applicable to DMCC’s existing 17,000 member companies include a 100 percent waiver for late licence renewal penalties, 100 percent waiver for all Flexi Desk and DMCC Business Centre penalties until the end of 2020, 100 percent waiver of the Office Sharing Permit fee, 100 percent waiver of the Company Reinstatement fees, 30 percent discount on licence renewal, waiver of outdoor area rents for JLT retailers with existing contracts where DMCC is the building owner/landlord, waiver of rent for two months for commercial establishments impacted by the latest Dubai Economy directive requiring a temporary closure where DMCC is the building owner/landlord, and a three-month suspension of rent for Flexi Desk and DMCC Business Centre tenants renewals or monthly/quarterly instalments with no discount.

Incentives for new registrations, and companies already in the process of registering at DMCC include an 80 percent reduction on the total company set-up fee if shareholders are residents of JLT, up to 50 percent reduction on the total company set-up fee along with a Flexi Desk for one year, flexible payment options for new DMCC Business Centre tenants and a complete digital process for business set-up from the comfort of their home.

Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, said, “In the past weeks, our visionary leadership has taken exemplary decisions and actions and announced effective initiatives to safeguard public health and ensure a prosperous future for the nation. The Business Support Package we are announcing today is in line with DMCC’s commitment to ensuring the UAE remains the chosen place to do business.”

Feryal Ahmadi, COO, DMCC, added, “The Business Support Package we have announced and put in place, coupled with the UAE government’s own broad economic incentives should give the 17,000 companies comfort, as they navigate the rapidly changing business conditions.”

Till date, the UAE Government has announced initiatives totalling AED126 billion to support businesses, with a particular focus on SMEs and start-ups, and strengthen financial resilience.

WAM/MOHD AAMIR

 

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