Dubai World Trade Centre Authority revealed a number of relief measures including fee waivers and rent deferrals for its clients and commercial tenants as it looked to support businesses hit by the pandemic and ensure their quick return to normalcy post crisis.
The authority, which manages the exhibition hub Dubai World Trade Centre, said it will not charge its event organisers cancellation fees or late payment fees and will allow them to carry forward fees that were paid earlier for events. Meanwhile for exhibitors, the DWTCA will issue a full refund on cancelled events – a move that will support the meetings, incentives, conference and exhibitions industry.
The DWTCA will provide a rent holiday from April to September to its retail tenants in the Dubai International Convention and Exhibition Centre and One Central while its commercial tenants will have a three-month rent holiday starting from April.
These measures come as the coronavirus outbreak has brought the travel and tourism industry to a virtual standstill. The pandemic has grounded flights and halted air travel as governments put in place lockdown measures to contain the spread of the virus.
The authority will also provide a 70 per cent rebate on all category specific business registrations and licences and a 50 per cent annual rebate on general trade licences.
“As a foundational pillar of the emirate’s business tourism industry, we seek to assist our stakeholders navigate the Covid-19 circumstantial risks, preserve financial viability, and manage operational sustainability for the interim until conditions normalise,” Helal Almarri, director general, Dubai World Trade Centre Authority and Dubai’s Department of Tourism and Commerce Marketing, said.
“The actions unveiled today are designed to significantly subsidise the cost of doing business within the DWTCA free zone complex for those most impacted – especially the smaller players and those in the MICE ecosystem, offering assistance to our clients, partners and suppliers.”
The pandemic, which has infected more than 2.6 million people worldwide, has led various business events in the UAE to be postponed. Arabian Travel Market, a major exhibition for the region's travel and tourism industry, was moved to 2021, its organisers recently said.
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The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
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How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
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Engine: 8.0-litre quad-turbo W16
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Power: 1,600hp
Torque: 1,600Nm
0-100kph in 2.4seconds
0-200kph in 5.8 seconds
0-300kph in 12.1 seconds
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Price: Dh13,200,000
Bugatti Chiron Pur Sport - the specs:
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0-200kph in 5.5 seconds
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The specs
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
