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Sun 29 Mar 2020 04:39 PM

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DIFC reveals range of support measures for businesses during Covid-19 crisis

Initiative part of overall stimulus package announced for emirate's freezones

DIFC reveals range of support measures for businesses during Covid-19 crisis

DIFC has agreed to reduce its ownership transfer fees from five percent to four percent for any property sale that happens within the authorised three-month period, if ownership transfers are registered at DIFC within 30 days after the end of the three-month period.

Dubai International Financial Centre (DIFC) has announced a 10 percent discount on renewal fees for existing licenses over the next three months.

The discount was revealed as part of a stimulus package, designed to support businesses in the freezone throughout the current coronavirus crisis, which includes waiving annual license fees for new companies and postponing payment plans for all commercial properties owned by DIFC Investments for six months.

DIFC has also agreed to reduce its ownership transfer fees from five percent to four percent for any property sale that happens within the authorised three-month period, if ownership transfers are registered at DIFC within 30 days after the end of the three-month period.

Essa Kazim, governor of DIFC, said: "The new economic stimulus package presented by the Dubai International Financial Centre shows its continued dedication to implementing comprehensive measures to support businesses and enable companies to continue their operations easily and flexibly.”

On Saturday, Dubai announced an economic incentive package for its freezones in light of the “exceptional circumstances” related to the Covid-19 pandemic.

The measures consist of five parts, including postponing rent payments for six months and cancellation of some fines for companies and individuals, the state-run Emirates News Agency (WAM) reported.

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