Dubai International Financial Centre is launching a stimulus initiative
Friday, 04 03 2020, Category: Economy, Country: U.A.E
In these unprecedented times, I write to reassure you that the wellbeing of our community continues to be our highest priority. In alignment with the UAE Ministry of Health & Prevention (MoHAP), the Dubai Health Authority (DHA) and the World Health Organisation (WHO), the DIFC Authority is acting swiftly and efficiently to safeguard the health of our workforce, tenants and visitors in response to the evolving Coronavirus (COVID-19). This includes increasing our cleaning schedules and thorough disinfecting of tactile areas, in compliance with local authority guidelines.
In order to continue providing the best business environment, and as part of the wider economic stimulus initiatives announced by the Dubai Free Zones Council in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President, Prime Minister of the UAE and Ruler of Dubai and & the directives of His Highness Sheikh Hamdan Bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, the DIFC Authority is launching a new “Business Stimulus Initiative”. With the aim of reinforcing business confidence under these exceptional circumstances, our Initiative provides both our corporate and retail clients with much needed relief through five packages which will be in place for the next three months.
Packages include a waiver of annual licensing fees on new registrations during the next three months, and a 10% discount of renewal fees for existing license holders in the DIFC that are due to renew their licenses during this period. The DIFC will allow deferred payments in respect all properties owned by DIFC Investments for a period up to six months.
DIFC will also apply a reduction on property transfer fees from 5% to 4% for any sale of property (or any part thereof) that took place within the three month period and the transfer is registered with the DIFC Registrar of Properties, at the latest, within 30 days after the expiry of the said three month period.
DIFC will facilitate the free movement of labour in and out of the DIFC to other free zones, provided that the employers concerned have the necessary arrangements and contracts in place with their employees.