Abu Dhabi Ports has announced major initiatives to address concerns of its customers across its industrial and economic zone subsidiaries in these uncertain times
The relief package includes several measures for existing customers, including a three-month rent deferment for the Q2, a freeze on late payment penalties and an exemption from Tawtheeq fees.
The relief package includes measures for new investors, including a waiving of applications fees, a 25 per cent reduction in land lease rates for the first year, an exemption on Tawtheeq fees and a relinquishing of land fixing fees.
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.?
The relief measures come on the heels of a 25 per cent waiver on rentals for new customers at Khalifa Industrial Zone Abu Dhabi (KIZAD).
Other benefits under the government relief package include exemptions until the end of the year on commercial real estate registration, subsidised utilities for commercial and industrial activities (including payment of natural gas bills, based on actual consumption for a six months period), a US$820mn allocation for SME?s credit guarantee programme, waiver of performance guarantees of up to US$13.61mn for start-ups, a new committee to review lending options for local companies, and waiver of industrial and commercial penalties.