The Dubai Worldwide Monetary Centre (DIFC) introduced that retailers based mostly at DIFC-owned belongings now profit from a three-month rent-free interval on their base lease. The transfer goals to offer companies with added flexibility and monetary reduction.
In keeping with a press release, from April to June 2020, retailers of all sorts based mostly in DIFC’s owned belongings – Gate Avenue, Gate Village and Gate District won’t be required to pay primary lease.
“We take into account companies in Dubai as our fixed companions in growth and are dedicated to supporting them in each favorable and antagonistic financial environments. The most recent measures introduced by DIFC are a part of Dubai’s broader strategic framework for aiding companies in easing the monetary strains brought on by the pandemic and serving to them renew their enterprise momentum when the disaster ends,” mentioned Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC.
DIFC mentioned that it lately launched initiatives to help companies in response to the influence brought on by COVID-19. Packages embrace a waiver of annual licensing charges on new registrations throughout the subsequent three months and a 10% low cost of renewal charges for present license holders within the DIFC which are as a consequence of renew their licenses throughout this era. Moreover, DIFC will permit deferred funds with respect to all properties owned by DIFC Investments for a interval of as much as six months.
Essa Kazim, Governor of DIFC added, “These measures have been launched as a part of our ongoing stimulus bundle, which goals to alleviate the great burden that COVID-19 has on our purchasers, trade and economic system. This has notably been an exceptionally difficult time for retailers, with the added influence of shops being briefly closed as a part of limiting the unfold of COVID-19. The retail sector makes a significant contribution to our dynamic neighborhood and due to this fact it’s important we help the trade by our retail stimulus bundle to offer some degree of certainty to our valued tenants. Our efforts to help DIFC’s enterprise neighborhood is testomony to Dubai’s clever management to make sure our future economic system is protected and positioned for development.”
DIFC acknowledged it should apply a discount on property switch charges from 5% to 4% for any sale of property (or any half thereof) that occurred inside the three-month interval and if the switch is registered with the DIFC Registrar of Properties, on the newest, inside 30 days after the expiry of the mentioned three month interval.
He added, “Constructing on our fiscal easing measures, waiving primary rental charges for retailers will safe livelihoods and allow shops to as soon as once more contribute to one among Dubai’s major procuring locations with ease and suppleness as markets begin to rebalance. In the end, we’ve got made it a precedence to increase a serving to hand to our retail purchasers and dynamic enterprise neighborhood. We are going to proceed to persevere collectively and safeguard Dubai’s financial future.”
The monetary centre remarked that it’ll additionally facilitate the free motion of labour out and in of the DIFC to different free zones, supplied the employers involved have the required preparations and contracts in place with their staff.
The submit Coronavirus: DIFC waives rent for three months for retail partners appeared first on Middle East Construction News.
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