DIFC offers retailers 3-month rent relief

dubai — The Dubai International Financial Centre (DIFC) on Wednesday announced a threemonth rent relief to all retailers operating in all of its properties to cope with the Covid-19 impact.

From April to June, retailers of all types based in DIFC-owned assets — Gate Avenue, Gate Village and Gate District — will not be required to pay basic rent. The DIFC’s initiative is aimed at supporting the retail industry during this period of uncertainty.

“Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, VicePresident and Prime Minister of the UAE and Ruler of Dubai, Dubai is committed to supporting businesses who are facing challenges amidst the fight against Covid-19. Supporting individuals and businesses encountering difficulties during times of uncertainty has always been part of Dubai’s and the UAE’s humanitarian ethos,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the DIFC.

Essa Kazim, governor of the DIFC, said these measures have been introduced as part of ongoing stimulus package which aims to alleviate the tremendous burden that Covid-19 has on the DIFC’s clients, industry and

Sheikh maktoum bin mohammed bin Rashid Al maktoum, Deputy Ruler of Dubai and President of the DIFC

economy. The DIFC recently introduced a series of initiatives including a waiver of annual licensing fees on new registrations during the next three months, and a 10 per cent discount of renewal fees for existing licence holders in the DIFC that are due to renew their licenses during this period.

The DIFC will allow deferred payments with respect to all properties owned by DIFC Investments for a period of up to six months. The DIFC will also apply a reduction on property transfer fees from 5 per cent to 4 per cent for any sale of property (or any part thereof) that took place within the three-month period and if the transfer is registered with the DIFC Registrar of Properties, at the latest, within 30 days after the expiry of the said three month period.

Supporting individuals and businesses during times of uncertainty has always been part of Dubai’s and the UAE’s humanitarian ethos