Dubai Free Zones Council on Saturday launched an economic stimulus package under the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Dubai Free Zones Council announced an economic stimulus package to complement the Dubai Government’s efforts to overcome the current situation. This initiative complements an earlier package announced recently to reduce business costs and enhance financial liquidity of companies operating in the free zones.
“In the current exceptional circumstances, Dubai Free Zones are working together to highlight their strategic role and social responsibility to support Dubai’s economy,” Dubai Government said in a statement
Efforts to mitigate risks
The stimulus package includes five key elements: postponement of rent payments by a period of 6 months; facilitating installments for payments; refunding security deposits and guarantees; cancellation of fines for both companies and individuals; and permitting temporary contracts that allow the free movement of labor between companies operating in the free zones for the rest of the year. These advantages also benefit workers seeking better job opportunities, and those who have been granted unpaid leave by facilitating their re-employment in jobs in Dubai.
“Ensuring the business continuity of companies and providing them the support they need are critical to the Dubai economy’s ability to successfully overcome the crisis. He added that the Dubai Free Zones’ stimulus measures complement national efforts to reduce the impact of recent global challenges,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Airport Free Zone.
Dubai Free Zones play a prominent role in promoting sustainable economic growth, attracting investments and supporting Dubai’s vision to be the world’s preferred investment destination and the ideal place to live, work and visit. Their contributions to Dubai’s Gross Domestic Product reached 33 per cent. They provide a base for 44,985 companies and provide a total of 389,336 jobs.
All Free Zones chip in
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.