DMCC extends support package to help businesses deal with economic impact of Covid-19

The package is aimed at reducing costs and will help business continuity amid an environment shaped by the pandemic

Dubai's DMCC has extended its business support package until October 20. Antonie Robertson / The National

Dubai Multi Commodities Centre on Sunday said it extended its business support package, the largest ever rolled out by the commodities and trade-focused free zone, until the third week of October.

The package, aimed at reducing costs, will help business continuity in an economic environment that is shaped by the Covid-19 pandemic, the DMCC said in a statement.

Support measures applicable to the free zone’s 17,500 member companies include a range of discounts and waivers that complement various economic support measures rolled out by the government.

The DMCC package, first announced in March, includes a 100 per cent waiver on late licence and lease renewal penalties and a full waiver on office sharing permit fees. Companies are being offered 10 to 25 per cent discounts on licence renewals, the DMCC said.

The free zone is also offering a 100 per cent waiver on change of address fee for relocating from physical offices to DMCC's Business Centre, a 50 per cent waiver of company reinstatement fees, a 50 per cent waiver of dormancy fees and a 30 per cent discount on additional licences.

The DMCC, which oversees companies trading of commodities from pulses to diamonds, said it also tied up with Emirates NBD to offer companies an option to convert their payments into flexible and interest-free instalments, according to the statement.

“As the largest free zone in the UAE, our decision to extend the Business Support Package is set to boost Dubai’s economic resilience at this critical time,” Ahmed Bin Sulayem, executive chairman and chief executive of the DMCC, said. “Dubai has been able to maintain its position as a global business hub and we have good cause to remain optimistic about the future.”

In August, the DMCC also reduced its business set-up fees by 50 per cent for diamond companies to boost the emirate's precious stone trade and attract international companies to the emirate. The offer, effective until September 30, also included a free 12-month membership of the Dubai Diamond Exchange – the world’s largest diamond tender facility, it said at the time.