Dubai Free Zone Council unveils new economic stimulus package
Companies operating in Dubai Airport Free Zone will not have to pay rent for six months as part of a new economic stimulus package unveiled by the Dubai Free Zones Council on Saturday.
The new support package follows an earlier one designed to reduce business costs and boost liquidity for companies operating in Dubai’s various free zones and being impacted by the global coronavirus pandemic.
The package includes the postponement of rent for six months; facilitating installments for payments; refunding security deposits and guarantees; cancellation of fines for both companies and individuals; and permitting temporary contracts that allow the free movement of labour between companies operating in the free zones for the rest of the year.
“Ensuring the 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 Al Maktoum, Chairman of Dubai Airport Free Zone (DAFZA).
It is estimated that Dubai’s free zones contribute to 33% of the emirate’s GDP. They are home to nearly 45,000 companies and support almost 390,000 jobs.
Dubai Free Zones Council’s latest stimulus package is part of the government’s financial support for businesses facing the current challenges presented by Covid-19.