Abu Dhabi Ports freezes rent escalation for remainder of 2021
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Abu Dhabi Ports freezes rent escalation for remainder of 2021

Abu Dhabi Ports freezes rent escalation for remainder of 2021

The decision is expected to impact over 1,400 companies within KIZAD and ZonesCorp

Abu Dhabi Ports

Abu Dhabi Ports today announced a freeze on rent escalation for the remainder of 2021 for all businesses operating within its Industrial Cities and Free Zone cluster.

The decision is expected to impact over 1,400 companies within Khalifa Industrial Zones Abu Dhabi (KIZAD) and ZonesCorp, with the decision made to ensure that these businesses remain competitive during the current challenging market conditions.

“The freeze in rent escalation we have announced reflects our commitment towards enhancing the growth and stability of our customers and tenants and falls in line with the government directives to stimulate future growth for the UAE’s economy,” news agency WAM quoted Abdullah Al Hameli, head, Industrial Cities and Free Zone Cluster, Abu Dhabi Ports as saying on Sunday.

In 2020, ZonesCorp customers were exempted from ‘Musataha’ contract registration, utility payments based on actual consumption, and application and documentation fees. Also, a 25 per cent reduction in price has been granted for new investors.

Read: Khalifa Industrial Zone Abu Dhabi announces stimulus package for SMEs

In KIZAD as well, relief packages with up to 36 per cent savings for freezone businesses and SMEs were announced last year. It was applicable to both existing and new customers covering new registrations and renewals, as well as providing for a waiver on security deposits.

Abu Dhabi Ports, part of ADQ, previously rolled out other measures to help businesses includes rent deferment, freezing late payment penalties, and exempting them from Tawtheeq fees.

To encourage new businesses to establish themselves, it waived applications fees, and provided a 25 per cent reduction in land lease rates for the first year.

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