Monday 25 May 2020

Sultan Ahmed bin Sulayem

Dubai Free Zones Council launches stimulus package

DUBAI, March 29, 2020

Dubai Free Zones Council has announced an economic stimulus package to complement the Dubai Government’s efforts to overcome the current situation caused by the global Covid-19 pandemic, a media report said.

This initiative complements an earlier package announced recently to reduce business costs and enhance financial liquidity of companies operating in the free zones, reported state news agency Wam.

The Dubai Free Zones Council’s 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 instalments 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.

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.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Airport Free Zone, said that the 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.

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 (DUCAMZ).

“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.”


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