DUBAI 27 March 2020: DMCC yesterday announced the roll-out of a Business Support Package tfor its business community, as well as new companies to navigate the current economic environment.
The package, applicable as of 1st April until 30th June, 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
- 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
- Acomplete 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.”
Till date, the UAE Government has announced initiatives totalling Dh126 billion to support businesses, with a particular focus on SMEs and start-ups, and strengthen financial resilience, said Wam.
Nakheel offers Dh230m stimulus, rental holidays
Nakheel announced a Dh230 million economic relief package for customers in the wake of the Covid-19 outbreak.
According to a press release issued by the company on Thursday, the economic relief package aims to help reduce the financial burdens faced by businesses and individuals during the current global challenges.
Nakheel’s customers include property owners, retail and hospitality tenants and small business operators. The package includes free rental periods for retail and hospitality partners who operate within the Nakheel Malls portfolio.
This will take effect when the malls, which are currently closed under government directives, reopen. Small retail business owners who lease space at Nakheel’s master communities will also receive a rental holiday.
Nakheel is also waiving administration charges across various services for three months, and, as per government directives, reducing district cooling charges by 10 percent for three months for commercial and residential customers.
Mohammed Ibrahim Al-Shaibani, Chairman of Nakheel, said, “Every business and individual in Dubai – and across the globe – is affected in some way by Covid-19. As a leading, responsible developer, we must support and work with our loyal customers and business partners who are facing economic challenges during these unprecedented times.”
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