|26 March, 2020

Coronavirus: Dubai's DMCC rolls out support package for UAE businesses

Member companies offered rent suspension, discounts, fee waivers

Image used for illustrative purpose. Businessman showing client where to sign document.

Image used for illustrative purpose. Businessman showing client where to sign document.

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The Dubai Multi Commodities Centre (DMCC) has introduced a business support package to help struggling businesses through the current health pandemic.

Companies in various industries have been losing revenues, as numerous precautionary measures, including large-scale lockdowns, travel restrictions and social distancing, have kept consumers home.

A raft of measures and economic stimulus packages aimed at supporting firms under strain from the crisis has been unveiled recently.

In the latest of such measures, DMCC said it is offering the following to its 17,000 member companies:

  • 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 Jumeirah Lakes Towers (JLT) retailers with existing contracts, where DMCC is the building owner or 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 or landlord
  • A three-month suspension of rent for Flexi Desk and DMCC business centre tenants renewals or monthly/quarterly installment without a discount

Incentives for new registrations, and companies already in the process of registering in DMCC include:

  • 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
  • Complete digital process for business set up

The UAE has introduced various stimulus packages, amounting to 126.6 billion UAE dirhams, since the coronavirus exploded in China and fanned across the globe.

The country has also implemented a series of precautionary measures to stem the spread of the coronavirus. Schools, malls, cafes and restaurants have been shut, while all inbound, outbound and transit flights have been temporarily cancelled, as residents are being urged to stay indoors.

DMCC’s support package can be availed of from April 1 to June 30.

(Reporting by Gerard Aoun; editing by Cleofe Maceda)

( Gerard.Aoun@refinitiv.com )

#UAE #Dubai #businesses #coronavirus #DMCC

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© ZAWYA 2020

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