Dubai Multi Commodities Centre (DMCC), Dubai's biggest free zone by number of companies, has rolled-out a support package to back its business community while navigating the current economic environment, it said in a statement.
The package, applicable as of April 1, includes a range of discounts and waivers and complements the various economic initiatives announced by the UAE government to support the business and financial sectors.
“In these uncertain times, we have a duty to share the responsibility and support the UAE government in its response to ensure our national economy remains resilient in the current circumstances,” said Ahmed Bin Sulayem, executive chairman and chief executive of DMCC.
The support package is in line with DMCC’s commitment to make sure the UAE remains the chosen place to do business, said Mr Sulayem. “The economic wellbeing of our members and our community as a whole are key to ensuring we emerge from this situation stronger,” he added.
Some of the measures applicable to DMCC’s existing 17,000 member companies include 100 per cent waiver on late licence renewal penalties, all flexi desk and DMCC Business Centre penalties until the end of 2020, and office sharing permit fee as well as company reinstatement fees.
The free zone is also offering waivers on 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.
Incentives for new registration and companies already in the process of registering with DMCC include an 80 per cent reduction on the total company set up fee if shareholders are residents of Jumeirah Lakes Towers and flexible payment options for new DMCC Business Centre tenants.
“We want to reassure our stakeholders that we have taken all measures to ensure full operational continuity. The protection of our community, our member companies and our staff remain our main priority,” said Feryal Ahmadi, chief operating officer of DMCC.