Revealed: All the stimulus measures taken by Dubai’s DIFC to support businesses

Dubai International Financial Centre (DIFC) is offering a range of stimulus measures including fee waivers and rental relief to support businesses from the impact of the Covid-19 pandemic. The extensive range of support is for new and existing businesses operating in DIFC, including retailers.

The measures announced by DIFC are part of Dubai’s broader strategic framework for assisting businesses in easing the financial strains caused by the pandemic and helping them renew their business momentum when the crisis ends.

The stimulus is being made available from April 1 to June 30, 2020.

Essa Kazim, governor of DIFC, said: “These measures have been introduced as part of our ongoing stimulus package which aims to alleviate the tremendous burden that Covid-19 has on our clients, industry and economy.”

DIFC BUSINESS STIMULUS MEASURES:

Corporate stimulus

• Waiver of annual licensing fees on new registrations from April-June 2020
• 10 per cent discount on renewal fees for entities that need to renew their licenses between April 1 and June 30, 2020
• Deferred payments for all properties owned by DIFC Investments for a period up to six months from April 1, 2020
• A reduction on property transfer fees to 4 per cent from 5 per cent on any transfer of property that takes place within DIFC between April 1 and June 30. The transfer must be registered with the DIFC Registrar of Real Properties within 30 days following the expiry of the three-month period
• The centre will facilitate the free movement of labour in and out of DIFC to other free zones, provided the employers have the necessary arrangements and contracts in place with their employees

Retail stimulus

In addition to the main stimulus:

• A three-month waiver on the base rent for all retailers based at DIFC-owned assets/properties including Gate Avenue, Gate Village and Gate District

FinTech Hive stimulus

• 50 per cent discount on renewal of licence for existing entities
• Deferred lease for fintech start-ups from April to June 2020. Payments continue from July 1 until the end of the year, or upon lease expiry, dependent on whichever comes first
• A one-month credit lease from April 1, 2020 which can be extended to a maximum of three months. This only applies to those who signed leases until December 2020, with the lease credit to be utilised in 2021

More information on any of these packages or any other Covid-19 queries is available on the DIFC website here: www.difc.ae