Financial Support Package Announced by Abu Dhabi Ports

The Abu Dhabi Ports have announced a financial support package for its industrial and economic zone subsidiaries as the Emirate continues to tackle the Coronavirus crisis. The support package includes a three-month rent deferment for the second quarter, a freeze on late payment penalties and an exemption from Tawtheeq fees. It also includes measures for new investors, including a waiver of applications fees, a 25% reduction in land lease rates for the first year, an exemption on Tawtheeq fees and a waiver of land fixing fees. The announcement by the Abu Dhabi Ports follow an announcement by the Khalifa Industrial Zone Abu Dhabi Free Zone of a 25% rent waiver for new customers. Exemptions on commercial real estate registration have been implemented until the end of the year. In addition, there will be subsidised utilities for commercial and industrial activities, including paying natural gas bills based on usage over six months and a three billion AED credit guarantee programme system. There will also be waivers of performance guarantees up to 50 million AED for start-ups and a new lending review committee will be established. Industrial and commercial penalties will also be waived. Full story

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