Dubai Free Zones Council (DFZC) has launched a blistering package to stimulate the Free Zone industry in response to the Covid-19 pandemic gripping the globe. In line with the stimulus package launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the Free Zone package includes:
- Postponing rent payments.
- Facilitating payments installments.
- Refunding security deposits and guarantees.
- Cancellation of fines for both companies and individuals.
- Temporary contracts to allow the free movement of labor between companies operating in the free zones.
Free Zones in Dubai play a vital role in driving economic growth, attracting international investments and supporting Dubai’s vision to be a key gateway for global trade. Free Zone contributions towards Dubai’s GDP has reached 33 per cent, includes nearly 45,000 companies and provide over 300,000 jobs, thereby underscoring the importance of Free Zones for Dubai.
Free Zones that have initiated this stimulus together with the Dubai Free Zones Council, include (but are not limited to): Dubai Silicon Oasis Authority (DSOA), Dubai Airport Free Zone Authority (DAFZA), Jebel Ali Free Zone (JAFZA), Dubai World Trade Centre (DWTC), Dubai International Financial Centre (DIFC), Dubai Development Authority (DDA), Dubai South, Meydan City Corporation and Dubai Multi Commodities Centre (DMCC).
Upon release of the package, 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”.
Further details on this topic can be found at: https://gulfnews.com/business/dubai-free-zones-council-launches-stimulus-package-to-mitigate-economic-risks-from-covid-19-1.70683224