KHALEEJ TIMES, Monday, Sep 21, 2020 | Safar 04, 1442
DMCC extends huge support programme
Emirates:
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.
|