Business Bureau, Gulf Today

In a bid to support business continuity and enable its business partners to overcome the effects of the current economic slowdown following the outbreak of the COVID-19 pandemic, 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.

DSOA has approved several comprehensive economic incentives to complement Dubai government’s ongoing economic stimulus efforts. As part of the package of incentives, DSOA is offering rent waivers to the retail sector affected by the closure including restaurants, shops, and gyms at Dubai Silicon Oasis Authority owned buildings, commencing from March 15, 2020 and ending once the government allows retail outlets to reopen. In addition, they are exempt from late payment fines until August 31. Likewise, multiple business partners and tenants are to also benefit from a waiver on all late payment fines until August 31.

The Retail sector at DSO will also receive discounts of up to 10 per cent of the rental value upon renewal, and an additional five per cent discount on the annual rent, if paid on time and in one instalment. Marketing fees, likewise, are to be reduced by 25 per cent, and deferred for up to three months. Retail business owners can also choose to pay outstanding fees in installments, and leverage their visa security deposits to pay off their financial dues to DSOA. 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 COVID-19 outbreak. Reflecting our continuing support to our community and society, this move aligns with the wholehearted commitment of all economic and social sectors to the precautionary and preventive measures implemented across Dubai and the wider UAE as part of the National Sterilisation Programme.”

He added: “This initiative reaffirms our strong ties with our business partners and our community. DSOA is keen to boost the mutual trust we share with our business partners and tenants and support them in overcoming the current exceptional circumstances. We believe our collective efforts will go a long way in opening up sustainable opportunities for the future.”

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 August 31, 2020. Dtec is providing entrepreneurs the opportunity to benefit from deferred rent payments for up to three months, and a five per cent discount on their annual rent - if paid on time and in one deposit. In addition, on renewal of their tenancy contracts, flexi desk and fixed desk tenants can enjoy the option of paying their rents in up to six installments, in addition to leveraging their visa security deposits to pay off their financial dues to DSOA.