By Gavin Gibbon
Measures include deferring rent payments for six months and refunding security deposits
Dubai has unveiled an economic stimulus package for its free zones in light of what has been described as “exceptional circumstances” surrounding the global coronavirus pandemic.
Aimed at supporting the emirate’s businesses, particularly small and medium enterprises, the five-point-plan includes postponing rent payments for six months; payment instalments; refunding security deposits and guarantees; cancelling fines for both companies and individuals; and permitting temporary contracts that allow the free movement of labour between companies operating in the free zones for the rest of the year.
It comes on top of a package announced earlier this month to reduce business costs and improve financial liquidity of companies operating in the free zones.
Entities that contributed to this economic stimulus package, in coordination with the Dubai Free Zones Council, include: Dubai Silicon Oasis Authority, Dubai Airport Free Zone Authority, Jebel Ali Free Zone, Dubai World Trade Centre, Dubai International Financial Centre, Dubai Development Authority, Dubai South, Meydan City Corporation, and Dubai Multi Commodities Centre.
The United Arab Emirates previously rolled out a $34 billion stimulus package to fend off the impact of the coronavirus. The Gulf nation has reported 468 virus cases so far, including two fatalities.