Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis, DSO, yesterday (April 19) announced several key exemptions, incentives and flexible payment plans for companies, commercial tenants, and residents occupying buildings owned by the Authority.

The initiative is to support business continuity and enable its business partners to overcome the effects of the current economic slowdown following the outbreak of the new coronavirus, Covid-19, pandemic, said the DSOA in its press release.
It has approved several comprehensive economic incentives to complement Dubai government’s ongoing economic stimulus efforts.
As part of the package of incentives, DSOA is offering rent waivers to the retail sector affected by the closure of businesses, including restaurants, shops, and gyms at Dubai Silicon Oasis Authority-owned buildings, starting from March 15 and ending once the government allows retail outlets to reopen.
In addition, they are exempt from late payment fines until August 31. Likewise, multiple business partners and tenants will also benefit from a waiver on all late payment fines for the period.
According to DSOA, the retail sector at Dubai Silicon Oasis will also receive discounts of up to 10 per cent of the rental value upon renewal, and an additional five per cent discount on the annual rent, if paid on time and in one instalment.
In addition to this, arketing fees, likewise, will be reduced by 25 per cent, and deferred for up to three months. Retail business owners can also choose to pay outstanding fees in installments, and leverage their visa security deposits to pay off their financial dues to DSOA, it added.
Vice Chairman and CEO Dr Mohammed Al Zarooni said these exemptions and incentives are aimed at enabling various businesses, including those working at DSO, to ensure business continuity and enhance their agility and resilience in dealing with the global effects of the pandemic.
"We have also approved a package of incentive measures for startups based at Dubai Technology Entrepreneur Campus, Dtec, the largest tech hub and co-working space in the Mena region, wholly owned by DSOA, including a waiver of all late payment and overstay fines until August 31," he added.
Dtec is providing entrepreneurs the opportunity to benefit from deferred rent payments for up to three months, and a five percent discount on their annual rent, if paid on time and in one deposit.
In addition, on renewal of their tenancy contracts, flexi desk and fixed desk tenants can enjoy the option of paying their rents in up to six installments, in addition to leveraging their visa security deposits to pay off their financial dues to DSOA, he added.
DSOA has also approved a flexible payment scheme for companies operating from its buildings. Companies can postpone rent payments for the next three months, commencing April 2020.
Besides, service charges are also being waived from March 15 until further notice, and options are being given to spread the payments based on discussions with DSOA’s Finance Department, over a period of six months following the expiry of the postponement date.
DSOA is waiving cheque retrieval fees and pardoning first offenders’ bounced check fees, thereby facilitating easy monthly payments in accordance with its terms and conditions.
During the exemption period, DSOA is offering new companies a grace period on monthly rent payments until May end and a discount of up to 10 percent on the monthly rent.
Furthermore, the Authority is waiving the service charge until the government allows companies to continue working from their offices.
Existing residential tenants at Dubai Silicon Oasis now have the option of paying their rents monthly and a new rental structure has also been activated.
DSOA is to defer all new and existing lease payments for up to two months and provide flexible payment plans for the remainder of the lease duration. The Authority is to waive cheque retrieval fees on bounced checks for first offenders, said Al Zarooni.
"Residential villa tenants can benefit from a discount of Dh5,000, while other residential tenants receive a discount of Dh2,000, if they pay the annual rent as one deposit," he added.-TradeArabia News Service

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