Rent exemptions and discounts for companies and residents in "Dubai Silicon"

Dubai Silicon Oasis Authority announced yesterday a new package of exemptions and incentives and flexible payment plans for companies and commercial institutions operating within its buildings, in addition to the residents of their residential units, within the framework of measures aimed at supporting business continuity and supporting the business and community sectors to face the severity of the effects of the current economic situation.

Exemptions
The authority clarified in a statement that it approved a number of comprehensive economic incentives, in order to complement the efforts made by the Dubai government, which included exempting restaurants, shops and sports clubs in the affected oasis from the closing of the rent incurred by the oasis authority from 15 March 2020 until the issuance of government instructions to resume commercial activity For these categories, in addition to being exempt from late payment fines until August 31, 2020.

This category also benefits from a discount of up to 10% of the rental value upon renewal, a 5% discount when paying the rent at once, deducting 25% of marketing fees, the ability to postpone payments for up to three months, and facilitating financial payments through soft installments upon renewal, and allowing For this category, take advantage of the cash security amounts for visas to pay their oasis financial obligations.

DTEC has
approved a stimulus package for start-up companies based in the Dubai Technology Center for Entrepreneurship, DTEC as its business, including exemption from all late payments and non-departure fines until August 31, 2020.

Entrepreneur in "DTEC" can also benefit from the postponement of the rent payments until three months, and get a discount of 5% if the rent is paid in one payment, while the beneficiaries of the flexible and fixed offices system have the opportunity to pay the rent in six installments upon renewal, and allow them to By making use of the cash security amounts for visas to pay their financial obligations to the oasis.

Payment plans
The Waha Authority also recognized the possibility of providing flexible payment plans for companies operating in the buildings owned by them. The procedures included canceling service fees from the date of March 15 until the issuance of a government decision allowing companies to work from offices, postpone payments for the next three months starting from April 2020, and distribute them in coordination With the Finance Department in the oasis over a period of six months after the expiry of the delay period, with canceling the fees for collecting checks and drawing the first bounced check, and also allowing for payment through easy monthly installments according to the terms and conditions accompanying these procedures, and exemption from all late payments until the date O August 31, 2020, and get a discount of 5% in the event that the rent is paid in one payment, and take advantage of the amount of cash collateral for visas to pay its financial obligations to the oasis.

Partnership
, Vice President and CEO of Dubai Silicon Oasis Authority, Dr. Mohammed Al Zarouni said that the package of exemptions and incentives approved by the Dubai Silicon Oasis Authority aims to enable various business sectors and support the Oasis community to ensure business continuity and enhance its flexibility and ability to deal with the global repercussions of the Corona pandemic and provide The necessary community support, in light of the qualitative commitment of all economic actors and societal sectors, to the precautionary measures and preventive health steps implemented by Dubai and the Emirates within the framework of the comprehensive national sterilization plan.

He added that "this initiative implemented by the Dubai Silicon Oasis Authority is part of the culture of partnership that I have established since its inception with the business sectors and society in it, and comes to enhance mutual trust between it and its partners and residents of the oasis to overcome the current exceptional conditions by ensuring the integration of efforts and ensuring the sustainability of opportunities for a future in which The pace of business to better levels. "

Benefits
According to Dubai Silicon Oasis Authority, new companies benefit from a number of benefits as well, including a grace period from the monthly rental value until the end of May 2020 and a discount of up to 10% on the rental value and cancellation of service fees until the issuance of a government decision allowing companies to work from offices, and many Another benefit.
As for the housing units owned by Dubai Silicon Oasis Authority, the option of monthly payments for existing and new rents has also been activated, with the possibility of postponing the lease payments up to two months and distributing them for payment thereafter during the remainder of the lease term, with the cancellation of the check collection fee and a fee The first bounced check. A discount of 5000 dirhams is offered for residential villas and 2000 dirhams for other residential units if the annual rent is paid in one payment.