Dubai Silicon Oasis Authority Announces Financial Support Package

The Dubai Silicon Oasis Authority has announced a financial support package. (Story)The package includes exemptions, incentives and flexible payment plans for companies, commercial tenants and residents occupying buildings owned by the Authority. The aim is to help those entities affected by Coronavirus in the country. The Authority is offering rent waivers to retail entities affected by the virus. Among other entities, restaurants, shops, and gyms will be able to apply for a rent waiver from when they were closed to when the Government allows retail entities to reopen. They will also be exempt from late payment fines until 31 August. Multiple business partners and tenants will also be able to apply for a waiver on all late payment fines until 31 August. In addition, they will receive discounts of up to 10% of the rental value on renewal and an extra 5%on the annual rent, if it is paid on time and in one instalment. 

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