DMCC rolls out support for businesses

The Dubai Multi Commodities Centre (DMCC) on Thursday announced the rollout of a business support package to aid its business community as well as new companies navigate the current economic environment.

The package, applicable as of April 1, includes a range of discounts and waivers, and complements the various economic initiatives announced by the UAE government to support the business and financial sectors.

Among the measures applicable to the DMCC's existing 17,000 member companies include 100 per cent waiver for late licence renewal penalties; 100 per cent waiver for all Flexi Desk and DMCC Business Centre penalties until the end of 2020; 100 per cent waiver of the Office Sharing Permit fee; 100 per cent waiver of the company reinstatement fees; 30 per cent discount on licence renewal; waiver of outdoor area rents for Jumeirah Lakes Tower (JLT) retailers with existing contracts, where the DMCC is the building owner/landlord; waiver of rent for two months for commercial establishments impacted by the latest Dubai Economy directive requiring a temporary closure, the where DMCC is the building owner/landlord; and a three-month suspension of rent for Flexi Desk and DMCC Business Centre tenants renewals or monthly/quarterly installment with no discount.

Incentives for new registrations and companies already in the process of registering in the DMCC include an 80 per cent reduction on the total company set up fee if shareholders are residents of JLT; up to 50 per cent reduction on the total company set up fee, along with a Flexi Desk for one year; flexible payment options for new DMCC Business Centre tenants; and complete digital process for business setup from the comfort of home. These measures will apply until June 30, unless stated otherwise.

Ahmed bin Sulayem, executive chairman and CEO of the 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 the 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 of the 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."

business@khaleejtimes.com