Dubai Free Zones Council, the body tasked with the development of free zones in the emirate, has announced an economic stimulus package to complement the UAE's efforts to soften the impact of the coronavirus on the economy.
The new package that supports Dubai’s Dh1.5bn stimulus announced earlier this month, will help free-zone companies reduce the cost of doing business and relieve financial stress, the Dubai Media Office said on Saturday.
The package – with five key elements – allows companies to postpone rent payments for six months and facilitates instalments. It also allows refund of security deposits and guarantees and cancellation of fines for both companies and individuals.
The authority will permit temporary contracts that will grant free movement of labour between companies operating in the free zones for the rest of this year. The move will benefit workers seeking better job opportunities and those who have been asked to take unpaid leaves to find alternative employment in Dubai, the media office said.
To ensure business continuity of companies and providing them the support they need are critical to the Dubai economy's ability to successfully overcome the crisis, said Sheikh Ahmed bin Saeed, chairman of DFZ Council.
The free-zone stimulus measures provide companies with “the liquidity necessary to tackle the current situation” and maintain competitive advantage and sustainable growth, he said, adding that the package supports a wide range of SMEs to maintain their competitiveness.
The move follows Sheikh Hamdan bin Mohammed, Crown Prince of Dubai's March 13 announcement of an economic stimulus aimed at reducing the effects of the Covid-19 pandemic on the emirate's economy. The relief package includes measures to protect businesses, especially in tourism, retail, external trade and logistics services.
The government introduced nine initiatives over the next three months, including a freeze on the 2.5 per cent market fees for all facilities operating in Dubai.
Dubai free zones form a significant part of economic activity in the emirate, with 44,985 registered companies that support 389,336 jobs. The revenues from these zones make up 33 per cent of the emirate's gross domestic product.
DFZC along with Dubai Silicon Oasis Authority, Dubai Airport Free Zone Authority, Jebel Ali Free Zone, Dubai World Trade Centre, Dubai International Financial Centre, Dubai Development Authority, Dubai South, Meydan City Corporation, and Dubai Multi Commodities Centre are among the free zones implementing the package.
DIFC has proposed introducing five initiatives over the next three months including waiving annual licence fees for new companies, and a 10 per cent discount on renewal fees for existing licences.
Companies will benefit from deferred payment plans for all commercial properties owned by DIFC Investments for a period of six months.
The financial hub will also reduce its ownership transfer fees from 5 to 4 per cent for any property sale that happens within the three-month period.
"We are committed to supporting our community during these unprecedented times," Essa Kazim, governor of DIFC said. "The new economic stimulus package presented by the Dubai International Financial Centre shows its continued dedication to implementing comprehensive measures to support businesses and enable companies to continue their operations easily and flexibly."
Dubai Development Authority and Tecom Group have also offered deferred payments to companies.
New businesses can postpone their lease periods and have their registration fees cancelled for six months. They will also be exempted from fines on expired licences and other financial and administrative fees.
The package also offers flexible fee payments, including building licences and services, in addition to refunding security deposits and guarantees to help cash flow.
The DMCC is also offering large exemptions on a wide range of fees for the 17,000 registered companies, as it reduces registration fees by 50 per cent for new companies joining the centre, while "current companies now have 30 per cent discounts on renewal and amendment fees", Ahmed bin Sulayem, chief executive of DMCC, said.
"In addition, we have launched many flexible payment options for various sectors. We will continue supporting their needs and announce additional details in due course,” he noted.
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Masters of the Air
Directors: Cary Joji Fukunaga, Dee Rees, Anna Boden, Ryan Fleck, Tim Van Patten
Starring: Austin Butler, Callum Turner, Anthony Boyle, Barry Keoghan, Sawyer Spielberg
Rating: 2/5
Getting there and where to stay
Etihad Airways operates seasonal flights from Abu Dhabi to Nice Côte d'Azur Airport. Services depart the UAE on Wednesdays and Sundays with outbound flights stopping briefly in Rome, return flights are non-stop. Fares start from Dh3,315, flights operate until September 18, 2022.
The Radisson Blu Hotel Nice offers a western location right on Promenade des Anglais with rooms overlooking the Bay of Angels. Stays are priced from €101 ($114), including taxes.
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Navdeep Suri, India's Ambassador to the UAE
There has been a longstanding need from the Indian community to have a religious premises where they can practise their beliefs. Currently there is a very, very small temple in Bur Dubai and the community has outgrown this. So this will be a major temple and open to all denominations and a place should reflect India’s diversity.
It fits so well into the UAE’s own commitment to tolerance and pluralism and coming in the year of tolerance gives it that extra dimension.
What we will see on April 20 is the foundation ceremony and we expect a pretty broad cross section of the Indian community to be present, both from the UAE and abroad. The Hindu group that is building the temple will have their holiest leader attending – and we expect very senior representation from the leadership of the UAE.
When the designs were taken to the leadership, there were two clear options. There was a New Jersey model with a rectangular structure with the temple recessed inside so it was not too visible from the outside and another was the Neasden temple in London with the spires in its classical shape. And they said: look we said we wanted a temple so it should look like a temple. So this should be a classical style temple in all its glory.
It is beautifully located - 30 minutes outside of Abu Dhabi and barely 45 minutes to Dubai so it serves the needs of both communities.
This is going to be the big temple where I expect people to come from across the country at major festivals and occasions.
It is hugely important – it will take a couple of years to complete given the scale. It is going to be remarkable and will contribute something not just to the landscape in terms of visual architecture but also to the ethos. Here will be a real representation of UAE’s pluralism.
