Dubai Silicon Oasis Authority (DSOA) has announced a range of exemptions, incentives and flexible payment plans for companies, commercial tenants and residents, to help cushion the blow of the economic crisis caused by coronavirus.
Restaurants, shops and gyms in buildings owned by the authority have all been given rent waivers back-dated to March 15, until the government allows retail outlets to reopen.
In addition, they are exempt from late payment fines until August 31 – business partners and tenants will also benefit from a waiver on all late payment fines until that date.
Discounts
Retails outlets will receive discounts of up to 10 percent of the rental value upon renewal, and an additional five percent discount on the annual rent, if paid on time and in one instalment. While marketing fees are to be reduced by 25 percent, and deferred for up to three months.
Dr Mohammed Al Zarooni, vice chairman and CEO of DSOA, said: “Reflecting our continuing support to our community and society, this move aligns with the wholehearted commitment of all economic and social sectors to the precautionary and preventive measures implemented across Dubai and the wider UAE as part of the National Sterilisation Programme.”
Start-ups based at Dubai Technology Entrepreneur Campus (Dtec), will receive a waiver of all late payment and overstay fines until August 31, while entrepreneurs have the opportunity to benefit from deferred rent payments for up to three months, and a five percent discount on their annual rent – if paid on time and in one deposit.
Postpone
Companies operating from DSOA buildings can postpone rent payments for the next three months, commencing April 2020 and service charges are also being waived from March 15 until further notice.
DSOA is also to defer all new and existing lease payments for residential tenants for up to two months and provide flexible payment plans for the remainder of the lease duration.
The authority is to waive cheque retrieval fees on bounced checks for first offenders. While eesidential villa tenants can benefit from a discount of AED5,000, while other residential tenants receive a discount of AED2,000, if they pay the annual rent as one deposit.
Zarooni added: “This initiative reaffirms our strong ties with our business partners and our community. DSOA is keen to boost the mutual trust we share with our business partners and tenants and support them in overcoming the current exceptional circumstances. We believe our collective efforts will go a long way in opening up sustainable opportunities for the future.”
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