São Paulo – Dubai International Financial Centre (DIFC) retailers will get a three-month rent-free period, Emirates News Agency (WAM) reported. Spanning 110 hectares in downtown Dubai, the DIFC is home to office space, banks, stores, cafés, restaurants, galleries, apartments, hotels, and green areas.
Retailers at the DIFC’s retail and fashion area Gate Avenue, building complex Gate Village, and office space area Gate District will be exonerated from rent from April to June.
The DIFC said the initiative builds on the Dubai government’s economic stimulus package as well as its own fiscal easing plans to support businesses in response to Covid -19. Dubai deputy ruler and DIFC president Maktoum bin Mohammed bin Rashid Al Maktoum said that “supporting individuals and businesses encountering difficulties during times of uncertainty has always been part of Dubai’s and the UAE’s humanitarian ethos.”
The DIFC recently introduced other support to its partners, including the waiving of annual licensing fees on new registrations, effective for three months, a discount of renewal fees for existing license holders, and a reduction on property transfer fees.
Translated by Gabriel Pomerancblum
