DIFC announces support package for firms to ensure business continuity
Dubai International Financial Centre (DIFC) on Thursday announced an economic support package for companies, including grace periods for lease contracts, instalment plans for licence renewal fees, and other measures to assist its business and retail community as the region emerges from the current environment.
Effective immediately, the initiatives are designed to ease short-term operational and financial pressures.
The measures include flexible payment plans for both the retail and commercial sectors, instalment plans for licence renewal fees, and additional support for retailers.
There will also be grace periods on certain administrative payments relating to lease contracts, the Registrar of Companies, the Data Protection Department, and the registration of employees into DEWS.
Additionally, the DFSA is introducing temporary regulatory relief measures to support new firms seeking authorisation, as well as existing regulated firms in DIFC.
DIFC is home to 8,844 active firms. These include 1,052 regulated firms, comprising over 500 wealth and asset management firms (including 100 hedge funds), 290 banking and capital markets firms, 135 insurance and reinsurance companies, and 70 brokerage entities. Home to more than 1,677 AI, FinTech, and innovation firms, DIFC sets the benchmark for financial innovation and is ranked among the top four FinTech hubs globally.
“We stand alongside our clients, partners, and employees with a clear commitment to provide support and reassurance when it is needed most. The package of temporary relief measures we are introducing reflects a thoughtful and proactive approach to easing immediate pressures while reinforcing the strength, resilience, and long-term sustainability of the DIFC ecosystem,” said Arif Amiri, CEO of DIFC Authority.
“We remain confident in the fundamentals of our community and its ability to emerge stronger, which in turn will ensure Dubai continues to advance its position as one of the world’s leading global financial centres,” he added.
