Khalifa Industrial City, the largest industrial city in the Middle East region of Abu Dhabi Ports, has announced the launch of a new economic facilities package that provides savings of up to 36% on corporate fees in the free zone, and these facilities have been allocated to support the business of small and medium companies in the face of the global economic slowdown.
The new economic facilities come within the framework of the efforts of the Abu Dhabi government and Abu Dhabi ports to enhance economic activity in light of the global crisis of the Corona Virus pandemic. These facilities provided by Khalifa Industrial City to its current and future customers in the free zone include providing up to 25% of registration fees and renewing them, in addition to a full exemption from paying insurance fees, and a two-month fee exemption for all registration renewals that take place before the end of June 2020.
Khaled Al Marzouqi, Commercial Director, Khalifa Industrial City said: "Small and medium-sized companies are the mainstay of the economic system, as they represent a major axis in the development process in the Emirate of Abu Dhabi. Therefore, supporting the growth of this important economic category is one of the pillars of the Khalifa Industrial City strategy. Its pioneering role in enabling the trade, industry and logistics sector. Khalifa Industrial City’s responsibilities are not only to give its customers competitive advantages, but also extend to their support in difficult times to overcome crises, and enable them to continue developing their businesses. ”
SMEs represent 98 percent of all companies registered in the Emirate of Abu Dhabi, and contribute about 29 percent of the emirate's gross domestic product, and about 44 percent of non-oil income.
The economic facilities provided include three segments, where the first tranche provides savings of 25% of the value of the registration and renewal fees for three years, and the second tranche provides savings of 20% of the value of the registration and renewal fees for a period of two years, while the third tranche provides savings of 15% on the registration fee for a period of one year.
These facilities have been preceded by many similar initiatives launched by Abu Dhabi Ports to support their customers in facing the global economic challenges, which included dropping fines due for delaying renewal of licenses in the second quarter of 2020, postponing the entitlement to lease fees, and freezing work with the system of late fines.
It is worth noting that Khalifa Industrial City has reduced the fees of renting industrial lands by 25% for new companies in line with the national initiative launched by the Executive Council of the Abu Dhabi Government within the program "Tomorrow 21", in order to add a competitive advantage to companies that will start establishing their businesses in the Khalifa area. Industrial City in Abu Dhabi. As these discounts help reduce the initial required capital and initial operating expenses in a significant manner, which stimulates economic activity in the emirate.