No rent payments for DIFC retailers for 3 months

By Eudore R. Chand

DUBAI 16 April 2020: Dubai International Financial Centre (DIFC), yesterday announced a new support package for its business partners based at DIFC-owned assets giving them a three-month rent-free period on their base rent.

From April to June 2020, retailers of all types based in Gate Avenue, Gate Village and Gate District will not be required to pay basic rent, DIFC said, adding that the new initiative builds on Dubai Government’s economic stimulus package and DIFC’s fiscal easing plans to support businesses in response to the situation caused by Covid-19.

“We consider businesses in Dubai as our constant partners in development and are committed to supporting them in both favourable and adverse economic environments. The latest measures announced by DIFC are part of Dubai’s broader strategic framework for assisting businesses in easing the financial strains caused by the pandemic and helping them renew their business momentum when the crisis ends,” said H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC

Essa Kazim, Governor of DIFC, said, “Waiving basic rental fees for retailers will secure livelihoods and enable outlets to once again contribute to one of Dubai’s primary shopping destinations with ease and flexibility as markets start to rebalance. Ultimately, we have made it a priority to extend a helping hand to our retail clients and dynamic business community. We will continue to persevere together and safeguard Dubai’s economic future.”

DIFC recently introduced a series of initiatives to support businesses including a waiver of annual licencing fees on new registrations during the next three months, a 10% discount of renewal fees for existing licence holders in the DIFC, and allowing deferred payments with respect to all properties owned by DIFC Investments for a period of up to six months.

The DIFC will also apply a reduction on property transfer fees from 5% to 4% for any sale of property (or any part thereof) that took place within the three-month period and if the transfer is registered with the DIFC Registrar of Properties, at the latest, within 30 days after the expiry of the said three month period.

The centre will facilitate the free movement of labour in and out of the DIFC to other free zones, provided the employers concerned have the necessary arrangements and contracts in place with their employees.

DLD collects Dh3.4bn for 126 off-plan developers

Dubai Land Department (DLD) yesterday announced the disbursement of Dh3.4 billion to 126 developers over the past five weeks. The money was collected from buyers/investors via escrow accounts.

“We are also implementing all real estate development procedures in the emirate electronically and remotely through the approved systems in the department. Customers can submit requests for credits and disbursement through the electronic escrow account application account linked with the managers of the project development’s escrow account,” said Khalifa Alsalfa, senior director of the Escrow Account Department at DLD.

Alsalfa concluded, “Investors and buyers in these projects can also follow up on the construction operations of their projects through Dubai Rest by visiting the ‘Mashrooi’ service that provides them with integrated data on the development of construction on project sites.”



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