Thursday 13 May 2021

Dubai Free Zones Council launches economic stimulus package

DUBAI, March 28, 2020

Dubai Free Zones Council has announced the launch of an economic stimulus package to complement the Dubai Government’s efforts to overcome the current situation prevailing due to the Covid-19 pandemic.
The package contributes to strengthening and supporting Dubai’s businesses by reducing the impact of the current economic situation. 
It includes five key elements: postponement of rent payments by a period of 6 months; facilitating installments for payments; refunding security deposits and guarantees; cancellation of fines for both companies and individuals; and permitting temporary contracts that allow the free movement of labour between companies operating in the free zones for the rest of the year, said the statement from the Council. 
These advantages also benefit workers seeking better job opportunities, and those who have been granted unpaid leave by facilitating their re-employment in jobs in Dubai, it stated.
In the current exceptional circumstances, Dubai Free Zones are working together to highlight their strategic role and social responsibility to support Dubai's economy, it added. 
Dubai Airport Free Zone  Chairman Sheikh Ahmed bin Saeed Al Maktoum stressed that ensuring the business continuity of companies and providing them the support they need are critical to the Dubai economy’s ability to successfully overcome the crisis. 
Dubai Free Zones’ stimulus measures complement national efforts to reduce the impact of recent global challenges. 
They provide companies with the liquidity necessary to tackle the current situation and maintain competitive advantage and sustainable growth. This initiative supports a wide range of SMEs in maintaining their competitiveness, said the statement.
Dubai Free Zones play a prominent role in promoting sustainable economic growth, attracting investments and supporting Dubai's vision to be the world’s preferred investment destination and the ideal place to live, work and visit, remarked Sheikh Ahmed. 
Their contributions to Dubai's Gross Domestic Product reached 33%, he stated. 
They provide a base for 44,985 companies and provide a total of 389,336 jobs Entities that contributed to this economic stimulus package, in coordination with the Dubai Free Zones Council, include: Dubai Silicon Oasis Authority, Dubai Airport Free Zone Authority, Jebel Ali Free Zone, Dubai World Trade Centre, Dubai International Financial Centre, Dubai Development Authority, Dubai South, Meydan City Corporation, and Dubai Multi Commodities Centre.
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World and CEO/Chairman of Ports, Customs & Free Zone Corporation, said: "During these difficult times, the business sector is facing major challenges. We are keen to provide the necessary support for companies through a package of discounts and exemptions from fees in Jebel Ali Free Zone (Jafza), National Industries Park (NIP) and Dubai Cars & Automotive Zone. 
"This includes waiving fines on expired trade licenses for companies operating in these zones. In addition, new companies can start their businesses without paying license fees for the first year," he added.


More Construction & Real Estate Stories

calendarCalendar of Events