Dubai South said the extension of incentive package aims to help companies navigate the challenges posed by the Covid-19
Dubai South, the emirate's master-planned futuristic city, announced on Tuesday the extension of its incentive and stimulus package for Business Park and Business Centre clients until the end of the year.
The stimulus package offers a 50 per cent reduction in Business Centre set up fee, as well as 50 per cent reduction on licence fee for new company formation and renewals at the Business Park and Business Centre. These reductions are available to those who submit their applications after 26 July, 2020, Dubai South said.
The move is in line with the UAE government's commitment to support the business community struggling to recover from the pandemic-inflicted setback.
The UAE federal authorities and governments of all emirates had launched stimulus measures and fee reductions worth billions of dirhams to help the business community overcome the financial hardship inflicted by the pandemic. The UAE Central Bank introduced various capital and liquidity measures worth an aggregate value of Dh256 billion, while various free zones across the nation rolled out fee reductions and other relief and stimulus packages to help businesses navigate the disastrous fallout of the epidemic.
In a statement, Dubai South said the extension of incentive package aims to help companies navigate the challenges posed by the Covid-19 and ensure business continuity during the recovery period.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Aviation City Corporation and President of the Dubai Civil Aviation Authority, said the extension complements the recent stimulus package announced by the government and its ongoing efforts to help businesses adjust to the new normal.
'The stimulus package is in line Dubai South's strategic goals to strengthen Dubai's economy by supporting businesses as well as empower new investors to enter the market. It is our responsibility to support our existing clients and companies who are trying to establish their businesses at Dubai South, particularly during these challenging times. We understand that the business community is in need of extended support and flexibility, and we are committed to channeling our efforts into reinvigorating the business sector," said Sheikh Ahmed.
Dubai South said in line with its focus on supporting the continuity of businesses based in its free zone, it is offering flexible payment plans with easy instalment schemes as well as a waiver of penalties for late renewals and cancellations of contracts and licenses. The extended stimulus package is subject to terms and conditions.
"Dubai South's mission is to support businesses and ultimately help strengthen the emirate's economy. By doing so, Dubai South seeks to set an example for other organisations to revitalise market activity, which in turn will reinforce Dubai's position as one of the world's most preferred lifestyle and business destinations," the urban development entity said.