Abu Dhabi Ports will put the rent hikes on hold for all businesses in its Industrial Cities and Free Zone cluster during 2021, with an aim to offer further relief to its customers in Khalifa Industrial Zone (KIZAD) and ZonesCorp and to enhance the emirate’s economy.
The rent escalation freeze is following Abu Dhabi Ports’ key agenda of supporting businesses to remain competitive within their target markets and comes in line with several relief measures taken throughout 2020. The suspension of rent hike is expected to benefit over 1,400 companies within Abu Dhabi Ports’ Industrial Cities and Free Zone cluster.
In 2020, ZonesCorp customers were given an exemption from ‘Musataha’ contract registration, utility payments based on actual consumption and application and documentation fees. The company is also offering a 25 percent price reduction for new investors.
Last year, KIZAD declared relief packages with up to 36 percent savings for Free Zone businesses and SMEs. The package offers both existing and prospective customers savings on new registrations and renewals and a waiver on security deposits.
“Abu Dhabi Ports is taking steps to help its customers remain competitive during this exceptional economic climate and overcome the challenges brought on by COVID-19. The freeze in rent escalation we have announced reflects our commitment towards enhancing the growth and stability of our customers and tenants and falls in line with the government directives to stimulate future growth for the UAE’s economy. We are confident that this measure will help fast track the robust economic recovery that the government is making efforts to achieve.”
The parent company of Abu Dhabi Ports, ADQ one of the region’s largest holding companies with a wide portfolio of major enterprises spanning across key sectors of Abu Dhabi’s diversified economy, has extended relief measures to continue supporting businesses in Abu Dhabi and help the SME sector grow within the emirate.
KIZAD the largest integrated trade, logistics and industrial hub in the region and ZonesCorp, the largest operator of purpose-built economic zones in the UAE, make up Abu Dhabi Ports’ Industrial Cities and Free Zone portfolio. The zone is home to over 1,400 local, regional, and international investors, with a wide portfolio of companies including some of the key players within the food, logistics, automotive, polymers, metals, oil and gas, life sciences, and advanced technology industries.
Recently KIZAD won three fDi Global Free Zones of the Year 2020 awards including Middle East’s Large Tenants category for its outstanding growth within its community of large companies, Free Zone of the Year-SMEs and fDi’s Bespoke Award for Supplier Development.