Dubai is committed to supporting businesses who are facing challenges amidst the fight against Covid-19.
Dubai International Financial Centre (DIFC) on Wednesday, April 15, announced three-month rent relief to all retailers operating in all of its properties to cope with the Covid-19 impact.
From April to June 2020, retailers of all types based in DIFC’s owned assets – Gate Avenue, Gate Village and Gate District – will not be required to pay basic rent. The DIFC’s initiative is aimed at supporting the retail industry during this period of uncertainty.
“Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai is committed to supporting businesses who are facing challenges amidst the fight against Covid-19. Supporting individuals and businesses encountering difficulties during times of uncertainty has always been part of Dubai’s and the UAE’s humanitarian ethos,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC.
Essa Kazim, Governor of DIFC, said these measures have been introduced as part of ongoing stimulus package which aims to alleviate the tremendous burden that Covid-19 has on DIFC’s clients, industry and economy.
DIFC recently introduced a series of initiatives including a waiver of annual licensing fees on new registrations during the next three months, and a 10 per cent discount of renewal fees for existing license holders in the DIFC that are due to renew their licenses during this period. The DIFC will allow 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.
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