Dubai Trading Center Unveils Relief Package

RAPAPORT... The Dubai Multi Commodities Centre (DMCC) will implement a support package for its trade members amid the coronavirus pandemic, including discounts and fee waivers."In these uncertain times, we have a duty to share the responsibility and support the UAE [United Arab Emirates] government in its response to ensure our national economy remains resilient in the current circumstances," DMCC CEO Ahmed Bin Sulayem said last week. "The economic well-being of our members and our community as a whole [is] key to ensuring we emerge from this situation stronger."The measures, which will apply from April 1 to June 30, include a two-month waiver of rent for businesses located in the DMCC that have had to close temporarily because of the government-enforced lockdown. Rent for the organization's Flexi Desk and Business Centre tenants will be suspended for three months, while members will get a 30% discount on license renewal.To provide an incentive to new companies to register, as well as companies in the process of registering, DMCC has implemented an 80% reduction on the total setup fee for businesses located in its Jumeirah Lakes Towers building, and up to 50% for other businesses. DMCC has also digitized the application process so it can be done online. "We want to reassure our stakeholders that we have taken all measures to ensure full operational continuity," noted DMCC chief operating officer Feryal Ahmadi. "The protection of our community, our member companies and our staff remain[s] our main priority."Image: The Dubai Diamond Exchange in the DMCC. (DMCC)