This aligns with the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.
Taking stock of the global turbulence, and recessionary pressures triggered by the rapidly evolving context of the Covid-19 coronavirus pandemic, the Dubai World Trade Centre Authority (DWTCA) unveiled a series of impactful measures to aid sustainability of businesses within its ecosystem, in alignment with the city’s stimulus package recently announced under the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.
Sheikh Ahmed bin Saeed Al Maktoum, Deputy Chairman of the Board of Dubai World Trade Centre Authority (DWTCA), announced a comprehensive support programme covering key sectors associated with the DWTCA portfolio – Meetings Incentives Conferences and Exhibitions (MICE), Free Zone [FZ], Retail and Commercial Real Estate – providing critical remedial aid to tackle some the most immediate challenges faced by clients and vendors, in particular the most vulnerable and deepest hit businesses.
The programme covers the following:
1. MICE business:
a. For organisers – Zero cancellation and/or rescheduling fees; No penalties for late payments; Allow carry forward of pre-paid fees as credit to 2021.
b. For exhibitors (DWTC-owned exhibitions) – Full refund on cancelled events and where new schedule is not feasible for participants.
2. Retail tenants:
a. Up to 6-months rent-free on base rent (April – Sept 2020) for retail tenants in the Dubai International Convention and Exhibition Centre and One Central, impacted by mandatory public lock-down restrictions – eg. Government enforced cancellations, and/ or temporary facility closures.
3. SMEs and start-up tenants:
a. Up to 3-month base rent deferment for DWTCA commercial tenants (April-June 2020)
4. Free zone businesses (effective for 3 months starting April to June 2020):
a. 70% rebate on annual fees for all category-specific business registrations and licenses (new and renewal)
b. 50% rebate on annual fees for general trade licenses and registrations
c. 0% administration fee on all visas – new, transfer and renewals
Measures above are aimed at supporting enterprises within the DWTCA ecosystem to better manage their fixed operating costs, and liquidity amidst loss of activity due to stringent public health related restrictions and business closures.
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