Abu Dhabi Ports has announced a freeze on rent escalation during 2021, for all businesses in its Industrial Cities and Free Zone cluster
The move is aimed at providing further relief to its customers in the KIZAD and ZonesCorp and boosting the Abu Dhabi economy during these challenging times.
The freeze on rent increase for the entire year is in line with Abu Dhabi Ports? core philosophy of enabling businesses to remain competitive within their target markets. The initiative will benefit more than 1,400 companies within Abu Dhabi Ports? Industrial Cities and Free Zone cluster.
Abdullah Al Hameli, head, industrial cities and free zone cluster, Abu Dhabi Ports, said, ?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. We are working in line with the Abu Dhabi Government?s efforts to extend relief to businesses by ensuring our customers retain their competitive advantage."
?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," he added.
Last year, ZonesCorp customers were exempted from ?Musataha? contract registration, utility payments based on actual consumption, and application and documentation fees. The company is also providing a 25% price reduction for new investors.
Khalifa Industrial Zones Abu Dhabi (KIZAD) had announced relief packages with up to 36% savings for Free Zone businesses and SMEs last year. The package offers both existing and prospective customers, savings on new registrations and renewals, along with a waiver on security deposits.
Abu Dhabi Ports, part of ADQ, one of the region?s largest holding companies with a broad portfolio of major enterprises spanning 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.
In the recent past, several measures were mandated for customers, which include rent deferment, a freeze on late payment penalties, and an exemption from Tawtheeq fees. The new investors on the other hand, will be able to avail new relief packages that include waiving of applications fees, a 25% reduction in land lease rates for the first year, an exemption on Tawtheeq fees, and a relinquishing of land fixing fees.
The KIZAD and ZonesCorp is home to over 1,400 local, regional, and international investors, and houses the portfolio of companies which belong to food, logistics, automotive, polymers, metals, oil and gas, life sciences, and advanced technology industries.