Aldar increases support to communities and businesses to Dh190m
The company has already committed to pay Dh4 billion to its contractors, suppliers and consultants in 2020
Aldar Properties, the biggest listed developer in Abu Dhabi, is increasing its support to property, education and retail customers to Dh190 million as it looks to supplement the government's efforts to soften the blow of the coronavirus pandemic on the emirate’s economy.
The developer, which already set aside Dh4 billion to make sure its contractors, suppliers and consultants are paid on time, said it launched several support initiatives across its development and asset management businesses.
“The world continues to face a unique set of circumstances that call for sustained leadership, collaboration, solidarity and unity,” Talal Al Dhiyebi, chief executive of Aldar, said on Tuesday.
“The scale of what we are witnessing is unprecedented and transcends borders, so it is a time for us to all work together … to emerge stronger and more connected.”
The company, he said, has regularly been communicating with its stakeholders and will adhere to the guidance from the UAE government, health authorities and the World Health Organisation to “minimise the impact on our people, our community and our economy”.
The number of economic incentives by the UAE federal government and individual emirates to help the economy deal with the fallout from the outbreak exceeded 100 in a span of 45 days, the Federal Competitiveness and Statistics Authority said on April 20.
The initiatives range from subsidised utility bills to government fee waivers and rent concessions intended to help residents and small and medium-sized enterprises withstand fluctuations in economic conditions.
The UAE, the second-biggest Arab economy, was the first in the region to introduce Dh282bn in fiscal and monetary support, including a Dh256bn package for banks that provided zero-interest funding and freed up capital to boost lending growth in the country.
The Abu Dhabi government launched its own package of financial incentives in co-ordination with local banks and the emirate’s Finance and Economic Development departments.
Aldar said its measures are intended to support residential communities, schools, retail partners and homebuyers in the capital.
It introduced a series of initiatives worth Dh60m to help its retail partners, with a particular focus on SMEs and start-ups, the company said.
It also allocated Dh60m to support residential buyers and tenants through low-cost home finance products.
Across its education portfolio, the developer said it allocated Dh50m to support a reduction of fees by 20 per cent, provide 10,000 laptops to students and develop online learning platforms.
Aldar has also earmarked Dh20m to various other initiatives such as national sanitation efforts and waived all administrative fees involved in transactions with the company.
Updated: May 5, 2020 08:03 PM