Dubai: The Hamdan Innovation Incubator (Hi2) under Dubai SME has postponed the collection of rents for three months. In addition, there is a fee cut of up to 20 per cent for the Private Office package of Hi2.
“Beneficiaries can take advantage of the postponement and focus on developing their project without worrying about finances,” Dubai SME said in a statement.
The projects incubated at Hi2 will keep receiving development support and advisory remotely during the COVID-19 emergency. Hi2 currently lists 75 projects.
Zero interest funding
Meanwhile, the Mohammed Bin Rashid Fund for SME, the financial arm of Dubai SME, has also come up with a support package, including loans to support business continuity of projects benefitting from it as well as a three-month grace period for loan repayments.
The Fund will offer zero-interest financing to Dubai SME members struggling to meet obligations relating to operational expenses, such as salaries and rents, in addition to online financial consultancy for entrepreneurial projects.
“Dubai SME is exploring all avenues to ensure that SMEs in Dubai remain resilient and turn the present challenges into an opportunity to pursue further innovations and growth,” said Abdul Baset Al Janahi, CEO.
The support package seeks to address the major concerns of startups and entrepreneurs in the “exceptional circumstances prevailing”.
“Energising SMEs through timely assistance will complement the entrepreneurial ecosystem in Dubai, and the emirate’s vision to be the global hub of entrepreneurship,” he added.