DIFC, DFSA Roll Out Relief Measures For Business Community Amid Ongoing Economic Conditions

The Dubai International Financial Centre (DIFC) and its regulator, the Dubai Financial Services Authority (DFSA), have introduced a coordinated package of relief measures aimed at supporting businesses operating within the financial hub amid current economic conditions.

Initiatives being rolled out by the DIFC include flexible payment plans for both the retail and commercial sectors, instalment plans for licence renewal fees, along with additional support for retailers. There will also be grace periods on certain administrative payments relating to lease contracts, registrar of companies, data protection department and registering employees into the DIFC Employee Workplace Savings (DEWS) plan. 

Meanwhile, the DFSA has introduced flexibility in authorization, licensing, and administrative requirements, particularly in application and supervisory timelines, adjustments to governance and staffing arrangements to reflect evolving staff location dynamics and the continued integration of remote working practices, and extended timelines for regulatory reporting and supervisory processes to allow firms additional capacity to manage operational demands and prioritize critical activities. In addition, implementation timelines for selected regulatory initiatives may be deferred where such postponements do not undermine regulatory outcomes.

In a statement, HE Arif Amiri, CEO of DIFC Authority, said, “At DIFC, 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 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. 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.” 

Mark Steward, Chief Executive of the DFSA, added, “DIFC firms have demonstrated great resilience and financial strength during this exceptional period. The DFSA wishes to provide assistance to firms, on request, as a bridge to the resumption of normal trading, and has developed a framework to provide temporary regulatory flexibility across a range of areas for those seeking DFSA authorization, and for existing authorized firms. These measures will ease operational challenges, while ensuring our high regulatory standards continue to be met. We will continue to review the situation, as it unfolds, and will provide additional measures to assist firms, if needed, including assistance in returning to normal trading conditions.”