Mubadala waives second-quarter rent for retail tenants at Galleria Mall
The company has offered support to the value of Dh420m so far, including Dh70m for tenants at Abu Dhabi Global Market Square
The real estate and infrastructure unit of Mubadala Investment Company, Abu Dhabi’s strategic investment arm, is waiving second-quarter rents for retail tenants at Abu Dhabi’s Galleria Mall to cushion the blow of the coronavirus pandemic.
Mubadala said on Monday that it will provide qualifying tenants with a rent-free period from April to June this year.
The company had earlier introduced relief measures worth Dh420 million, out of which Dh70m was allocated to commercial tenants on Al Maryah Island in the form of rent relief and deferments.
“We are committed to supporting our partners and tenants, and in line with recent updates with the Covid-19 outbreak in the UAE, we have established various tactics to maintain business continuity,” Ali Eid Al Mheiri, executive director of real estate and infrastructure at Mubadala, said.
“We have considered various strategies and invested into solutions for our valued partners so that together, we overcome the challenges head-on.”
Last week, Mubadala said it would deferments to its commercial tenants in the Abu Dhabi Global Market Square on Al Maryah Island as part of its efforts to ease the negative effects of Covid-19.
Malls and restaurants across the UAE were shut in March to enforce social distancing and contain the spread of the pandemic, resulting in lost revenue.
However, the government and state-linked developers introduced several initiatives to help mitigate the impact on the retail and hospitality sectors through rent deferments and other forms of economic support.
Earlier this month, the Abu Dhabi government said it would offer rebates of up to 20 per cent of annual rents to restaurants, cafeterias and takeaway outlets to help them cope.
Meanwhile, the emirate’s biggest-listed developer, Aldar Properties, said it is increasing the size of its support package to property, education and retail customers to Dh190m to help them through the crisis.
Updated: May 25, 2020 01:23 PM