Dubai: The Dubai Multi-Commodities Centre (DMCC) has announced the roll-out of a special Business Support Package, including discounts and waivers, for both existing and new members, applicable from April 1, 2020.
The package is in line with UAE and Dubai Government initiatives to support the national economy and private sector and will help companies navigate the current economic environment, the DMCC said. It also complements the various economic initiatives announced by the UAE Government to support the business and financial sectors.
Among the measures that will benefit the 17,000 member companies of the DMCC are 100% waivers of late licence renewal penalties and certain other categories of penalties; discounts on licence renewal fees and waivers and three-month suspension of rents on certain categories of premises.
Newly registering members can avail of reductions on fees with slabs for different categories and flexibility in payment of rent in the case of new Business Centre tenants, the DMCC announced.
The business set up process is now also completely digital and can be completed from the comfort of one’s home, DMCC stated while clarifying that the support measures will apply from 1 April 2020 until 30 June 2020 (unless stated otherwise).
Mr. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “In these uncertain times, we have a duty to share the responsibility and support the UAE Government in its response to ensure our national economy remains resilient in the current circumstances. The Business Support Package we are announcing is in line with DMCC’s commitment to ensuring the UAE remains the chosen place to do business. The economic wellbeing of our members and our community as a whole are key to ensuring we emerge from this situation stronger.”
Feryal Ahmadi, Chief Operating Officer, DMCC, added, “We want to reassure our stakeholders that we have taken all measures to ensure full operational continuity. The protection of our community, our member companies and our staff remain our main priority. The Business Support Package we have announced and put in place, coupled with the UAE government’s own broad economic incentives, should give the 17,000 companies comfort as they navigate the rapidly changing business conditions. We are confident that by working together, we will overcome the current period while maintaining a robust economy.”
To date, the UAE Government’s has announced initiatives totalling AED 126 billion to support businesses, with a particular focus on SMEs and start-ups, and strengthen financial resilience, DMCC said.