Abu Dhabi - As part of the stimulus package to fight the economics effects of coronavirus.
Published: Wed 15 Apr 2020, 2:58 PM
Updated: Wed 15 Apr 2020, 5:16 PM
Abu Dhabi Economic Department announced a 20 per cent rent refund for restaurants and food and beverage outlets, as well as tourist and entertainment facilities - as part of its coronavirus stimulus package to help business impacted by the coronavirus.
The resolution follows measures announced under the Abu Dhabi Economic Stimulus Package earlier this year.
This refund applies to contracts signed between October 1, 2019 and Mar 31, 2020, or renewed between April 1 and September 30, 2020.
The initiative does not apply for lease-to-own contracts.
Authorities earlier announced that Under the directives of His Higness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, all approved capital expenditure and development projects will be accelerated and further measures will be immediately taken to preserve Abu Dhabi's economic gains and stimulate strategic investment sectors in light of global economic challenges.
Measures included an allocation of Dh5 billion for water and electricity subsidies for citizens and the commercial and industrial sectors, as well as subsidising electricity connection fees for startups until the end of 2020.
An additional Dh3 billion was allocated to the SME Credit Guarantee Scheme managed by ADIO, while Dh1 billion was allotted to establish a market maker fund, aimed at enhancing liquidity and sustaining balance between supply and demand for stocks. A new committee headed by the Department of Finance, with members from the Department of Economic Development and local banks, was to be formed to review lending options to support local companies.
Other initiatives include exempting all commercial and industrial activities from Tawtheeq fees, as well as individual and commercial real estate registration fees, annual vehicle registration fees for commercial vehicles, traffic tariffs at toll gates in Abu Dhabi for all vehicles, suspension of bid bonds and exempting startups of performance guarantees for projects up to Dh50 million.
ismail@khaleejtimes.com
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