May 7, 2020
Package aimed at supporting growth, employment
Abu Dhabi, United Arab Emirates, 07 May 2020: Khalifa Industrial Zone Abu Dhabi (KIZAD), a subsidiary of Abu Dhabi Ports, has announced new packages with up to 36 per cent savings as relief for Freezone businesses, and support SMEs challenged by the global economic slowdown.
In line with Abu Dhabi Ports and the Government of Abu Dhabi’s efforts to support and safeguard businesses, the relief package offers both existing and prospective KIZAD Freezone customers savings of up to 25 per cent on new registrations and renewals, a waiver on the security deposit and two months free on renewals for all packages registratered before 30 June 2020.
Khalid Al Marzooqi, Director Commercial, said: “Small and Medium Enterprises are the backbone of any economy, and are a vital component of Abu Dhabi’s business landscape. As engines for growth and employment, SMEs are one of the main pillars of KIZAD’s business strategy.
“As one of the leading enablers of industry, it is our responsibility to provide businesses with the opportunities to be competitive in their respective markets. The SME relief packages we announced today are aligned with the UAE’s efforts to protect SMEs in the country from the economic impact of the coronavirus pandemic.”
SMEs are a crucial component of Abu Dhabi’s business landscape and one of the main pillars of the Ghadan 21 programme, which KIZAD adheres to. Approximately 98 per cent of all companies in Abu Dhabi are SMEs, which contribute 29 per cent of its GDP and 44% of its non-oil economy.
KIZAD’s relief package is available in three tiers, the first providing 25 per cent savings on renewal or new registrations of three-years, 20 per cent savings for two-year registrations and renewals, and 15 per cent savings for for one-year registrations.
Across all packages, new and existing customers will also benefit from having their security deposit waived.
The new initiative follows similar measures undertaken by Abu Dhabi Ports and implemented by KIZAD to aid its customers affected by the global economic slowdown in the wake of COVID-19.
The measures announced by Abu Dhabi Ports recently include the waiving of penalties associated with the late renewal of licenses in the second quarter of the year, as well as rent deferment and a freeze on late payment penalties.