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DAFZA announces incentives to support freezone companies

DAFZA announces incentives to support freezone companies

DAFZA will also cancel fines issued to companies

The Dubai Airport Freezone Authority (DAFZA) has launched a set of economic incentive packages to support companies operating out of the freezone, to ensure business continuity across various sectors, official news agency WAM reported.

The incentives will also help companies mitigate the severity of the economic impact of the pandemic.

The initiative includes postponing lease payments for up to three months and converting financial payments into easier monthly installments.

It is also exempting retailers operating within the freezone from lease payments for a period of up to three months. The freezone will refund security deposits on leased spaces and labour guarantees to companies, as well as exempt new companies from registration and licencing fees.

DAFZA will also cancel fines issued to companies.

“This initiative reflects our commitment to provide the ideal environment for companies to ensure business continuity and help develop and grow their operations, despite the fluctuations and global economic conditions. This package will support companies through these exceptional circumstances, which have unexpectedly affected various businesses sectors and activities,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman of DAFZA.

“DAFZA is a key partner for many companies operating in more than 20 vital sectors within the freezone. This package will guarantee continuity and commercial movement within the freezone,” he added.

Last month, Dubai announced an economic stimulus package for all its freezones to help companies deal with the impact of the Covid-19 pandemic on the economy.
The emirate also unveiled a stimulus package worth Dhs1.5bn in March to support businesses.
Since the outbreak, the UAE has reported a total of 10,349 Covid-19 cases and 76 related deaths.

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