The much-appreciated relief package includes three-month rent deferment for the Second Quarter, a freeze on late payment penalties and an exemption from Tawtheeq fees.
Abu Dhabi Ports announced major initiatives on Saturday to satisfy concerns of its patrons across its industrial and economic zone subsidiaries in these problematic times.
The relief package includes several propositions for existing customers, including a three-month rent deferment for the Second Quarter, a freeze on late payment penalties and an exemption from Tawtheeq fees.
The relief package also includes proposals for new investors, including a waiving of application fees, a 25 percent discount in land lease rates for the first year, exclusion of Tawtheeq fees and a waiving of land fixing fees.
The measures are part of Abu Dhabi Ports’ relief exercise for investors and customers in response to the global economic downturn due to the COVID-19 pandemic.
Captain Mohamed Juma Al Shamisi, Abu Dhabi Ports Group CEO said: “In line with the Government’s effort to extend relief to businesses during these exceptional economic circumstances, Abu Dhabi Ports is taking necessary steps to help our industrial and economic zone customers overcome the current challenges brought on by the spread of coronavirus.”
“Supporting customers in maintaining their competitive advantage is at the core of Abu Dhabi Ports’ decision making. The steps we have announced today reflect our commitment to enhancing the growth and stability of our customers and tenants in line with the government directives.”
“We remain united and resolute in facing our difficulties together, confident in the belief that we will emerge from this crisis better and stronger.”
The relief measures come on the heels of a 25% waiver on rentals for new customers at Khalifa Industrial Zone Abu Dhabi (KIZAD).
Other privileges under the government relief package include exemptions until the end of the year on commercial real estate registration, subsidized utilities for commercial and industrial activities (including payment of natural gas bills, based on actual consumption for a 6 months period), an AED 3 billion allocation for SME’s credit guarantee program, waiver of performance guarantees of up to AED 50 million for start-ups, a new committee to review lending options for local companies, and waiver of industrial and commercial penalties.