A three-month rent waiver has been announced for retailers based in Dubai International Financial Centre (DIFC).
As per the new initiative, they don’t have to pay their basic rents until June.
The directive applies to all types of retailers operating in DIFC’s Gate Avenue, Gate Village and Gate District.
It’s the latest in a series of relief measures to help businesses handle the economic challenges triggered by COVID-19.
“The retail sector makes a vital contribution to our dynamic community and therefore it is essential we support the industry through our Retail Stimulus package to provide some level of certainty to our valued tenants," said Essa Kazim, the DIFC's Governor.
The financial free zone had previously announced a waiver of annual licensing fees on new registrations during the next three months, and a 10 per cent discount on renewal fees for existing licence holders during this period.
It's also facilitating the free movement of labour in and out of DIFC to other free zones, provided the employers concerned have the necessary arrangements and contracts in place with their employees.
.@DIFC announces a new support package for its business partners. Retailers based at DIFC-owned assets now benefit from a 3-month rent-free period on their base rent, providing businesses with added flexibility and financial relief.https://t.co/qxXbwpZTpZ pic.twitter.com/bVLjG4FdYH— Dubai Media Office (@DXBMediaOffice) April 15, 2020