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DMCC extends huge support programme

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on September 21, 2020 | Last updated on September 21, 2020 at 01.33 am
DMCC has partnered with Emirates NBD to offer new and existing member companies the opportunity to convert payments into flexible and interest-free installments.

(KT file)

The Dubai Multi Commodities Centre (DMCC) announced an extension to its Business Support Package until October 20.

The programme, aimed at helping DMCC-based companies to better navigate the turmoil unleashed by Covid-19 epidemic, comprises a wide range of discounts and waivers to support the DMCC's registered companies, the commodities trading hub said in a statement. The package, which includes discounts on licence renewals and 100 per cent waiver of penalties, is being extended as the commodities hub drew 805 new companies to its business district in the first half of 2020 despite the gloom cast by the lockdown restrictions.

Ahmed bin Sulayem, executive chairman and CEO of the DMCC, said as the largest free zone in the UAE, the decision to extend the package is set to boost Dubai's economic resilience at this critical time and ensure that the emirate remains the chosen place for doing business in the months and years to come.

"Dubai has been able to maintain its position as a global business hub and we have good cause to remain optimistic about the future. Our visionary leadership continues to take decisive action to safeguard public health and ensure the resilience of our national economy," said Bin Sulayem.

The range of discounts applicable to various types of licences to the DMCC's existing 17,500 member companies include 25 per cent discount on three-year renewal; 20 per cent discount on two-year renewal; 10 per cent discount on one-year renewal; 10 per cent discount on all expired in 2020 renewal; 100 per cent waiver of late renewal penalties; 100 per cent waiver of the office sharing permit fee; and 100 per cent waiver on change of address fee for relocating from a physical office to the DMCC Business Centre.

Other concessions include a 50 per cent waiver of the company reinstatement fee, applicable if the licence was terminated by the authority due to non-licence renewal; 50 per cent waiver of dormancy fees; 30 per cent discount on additional licence; and two-month suspension of rent for Flexi Desk and DMCC Business Centre tenants' renewals or monthly/quarterly installment with no discount.

Ahmad Hamza, executive director for free zone at the DMCC, said the entire business community has been the entity's top priority, and will remain so as businesses enter this new phase of recovery.

"By extending our Business Support Package, we enhance the ease of doing business, which in turn ensures that Dubai and DMCC continue to be the destination of choice for businesses, entrepreneurs and people alike."

In addition, the DMCC has partnered with Emirates NBD to offer new and existing member companies the opportunity to convert payments into flexible and interest-free installments. The commodities free zone also introduced a 50 per cent reduction in business setup fees for all diamond-related companies alongside a free 12-month membership of the Dubai Diamond Exchange valid until September 30.

The discounts for diamond-related firms comes in the wake of two major tie-ups the DMCC has announced. These include a collaboration agreement with China's Guangzhou Diamond Exchange to establish a strategic partnership and with the Israel Diamond Exchange (IDE) based in Tel Aviv.

issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.


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