Dubai Multi Commodities Centre (DMCC) has announced it is extending its business support package until October 20 as the impact of coronavirus on the UAE economy continues to bite.
The original support package was launched in March with a subsequent extension and expansion announced in July.
Now, the support package consisting of measures that help to reduce costs and facilitate business continuity during the economic environment shaped by Covid-19, has been extended again.
Measures applicable to DMCC’s existing 17,500 member companies, include up to 25 percent discounts on licence renewal, 100 percent waiver of late licence renewal penalties, of late lease renewal penalties, of the Office Sharing Permit fee and the change of address fee for relocating.
It also includes a 50 percent waiver of the company reinstatement fee, of dormancy fees and a 30 percent discount on additional licences.
The support package also gives a 2-month suspension of rent for Flexi Desk and DMCC Business Centre tenants’ renewals or monthly/quarterly instalment with no discount.
In addition, DMCC has partnered with Emirates NBD to offer new and existing member companies the opportunity to convert payments into flexible and interest-free instalments.
Ahmed Bin Sulayem, executive chairman and CEO, DMCC, said: “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 and ensure that the emirate remains the chosen place for doing business in the months and years to come. Dubai has been able to maintain its position as a global business hub and we have good cause to remain optimistic about the future.”
Ahmad Hamza, executive director – Free Zone, DMCC, added: “Supporting our entire business community has been our top priority, and will remain so as we enter this new phase of recovery. By extending our Business Support Package, we enhance the ease of doing business, which in turn ensures that Dubai and DMCC continue to be the destination of choice for businesses, entrepreneurs and people alike.”
DMCC also introduced a 50 percent reduction in business set-up fees for all diamond-related companies alongside a free 12-month membership of the Dubai Diamond Exchange (DDE).
DMCC said it witnessed an uptick in new company registrations in May and June in sectors such as technology, professional services, financial services, energy, precious metals and stones, and food and agro, in addition to company registrations from China.
In the first half of 2020, DMCC welcomed 805 new member companies to its business district.
Follow us on
