Flexible payment plans to support business continuity
Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis, DSO, has announced exemptions, incentives and flexible payment plans for companies, commercial tenants, and residents occupying buildings owned by the Authority.
The initiative is to support business continuity and enable its business partners to overcome the effects of the current economic slowdown following the outbreak of the new coronavirus, COVID-19, pandemic.
As part of the package of incentives, DSOA is offering rent waivers to the retail sector affected by the closure of businesses, including restaurants, shops, and gyms at Dubai Silicon Oasis Authority-owned buildings, commencing from 15th March 2020 and ending once the government allows retail outlets to reopen.
In addition, they are exempt from late payment fines until 31st August.
The Retail sector at Dubai Silicon Oasis will also receive discounts of up to 10% of the rental value upon renewal, and an additional 5% discount on the annual rent, if paid on time and in one instalment.
Marketing fees, likewise, are to be reduced by 25 percent, and deferred for up to three months.
Dr Mohammed Al Zarooni, Vice Chairman and CEO of DSOA, said: "The exemptions and incentives approved by DSOA are in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and seek to enable various businesses, including those working at DSO, to ensure business continuity and enhance their agility and resilience in dealing with the global effects of the pandemic."
DSOA has also approved a package of incentive measures for startups based at Dubai Technology Entrepreneur Campus, Dtec, the largest tech hub and co-working space in the MENA region, wholly owned by DSOA, including a waiver of all late payment and overstay fines until 31st August 2020.
DSOA has also approved a flexible payment scheme for companies operating from its buildings. Companies can postpone rent payments for the next three months, commencing April 2020.
The Authority is further enabling customers to use their visa security deposits to pay off their rental financial dues. New companies establishing their offices in DSO for the first time can also benefit from a set of incentives.
Residential villa tenants can benefit from a discount of AED5,000, while other residential tenants receive a discount of AED2,000, if they pay the annual rent as one deposit.