Distressed firms get rent relief from Dubai business centre
The first of its kind Ramadan offer allows ready businesses, start-ups and distressed companies to commence operations immediately and pay rents and related costs in 2019, when their financial position is better-off. The business incubator-like initiative benefit new investors to kick-start, grow, diversify and expand across the business. The initiative comes at a time when Dubai is making concerted efforts to bring in new businesses and investments in the Emirate, while, Dubai Economic Department issues 1,848 new business licenses in April 2018. It reflects Dubai as a business hub in the Middle East.
The ‘Business Map’ digital platform of the Dubai Economic Department saw 26,498 business registration and licensing transactions being completed April 2018 as economic diversification and competitiveness continued to strengthen the emirate’s ability to sustain business growth. During the holy month of Ramadan, the two Star Business Centres are offering their available 20 per cent of serviced office spaces out of their 400 office spaces. Rest of 80 per cent is fully occupied by multiple commercial tenants. Each office space spans 200 square-feet with the total rent of Dh5750 a month.
The Star Business Centre offers state-of-the art workspaces in Dubai’s sought-after business districts, Business Bay and Jumeirah Lake Towers. The centre frees-up investors of the hassles that come with leasing conventional office spaces or building their own offices.
“We have received overwhelming response for our offer of deferred rents and costs from business people who lack funds to start with. The welcome response has encouraged us to extend the offer for a longer period and plans to establish a new business centre in 2019 at the commercial hub of Dubai,” revealed Imran Farooq, Chief Executive Officer of the Star Business Centre, which is an entity of Dubai-based Samana Group of Companies.
Originally published at Arabian Post.