Nakheel offers Dh230m relief package to companies affected by coronavirus
RAK Properties and Sharjah's Alef Group also offer rent holidays to affected tenants
Nakheel is offering a Dh230 million relief package for its customers struggling with the economic fallout from the Covid-19 outbreak.
The Dubai-based master developer of communities such as Palm Jumeirah and Discovery Gardens, said the relief measures offered include free rental periods for retail and hospitality customers operating within its malls and small business owners within master communities.
It is also waiving administration charges for a three-month period and, in line with government directives, cutting cooling charges by 10 per cent. It said the initiative was in line with the economic stimulus package announced in Dubai under the direction the emirate’s ruler, UAE vice president and prime minister Sheikh Mohammed bin Rashid.
“Every business and individual in Dubai – and across the globe – is affected in some way by Covid-19. As a leading, responsible developer, we must support and work with our loyal customers and business partners who are facing economic challenges during these unprecedented times,” said Nakheel chairman Mohammed Ibrahim Al-Shaibani.
The company said it will contact eligible business partners to explain how the stimulus package would apply to them.
Globally, there are about 473,000 cases of Covid-19 with more than 21,300 deaths, according to Johns Hopkins University as of Thursday. About 115,000 have recovered.
RAK Properties, the Ras Al Khaimah-based developer, also said on Thursday it would offer investors and stakeholders support, including a three-month exemption from rental payments for tenants in its Mina Al Arab and Julphar Towers projects.
"As part of its commitment to driving economic growth in the region, RAK Properties has decided to provide assistance and support to investors and retail tenants during this critical period, and are encouraging them to stay at home to preserve public health,” said RAK Properties managing director Mohammed Sultan Al Qadi.
In terms of containing the outbreak, Mr Al Qadi said the company “has taken the necessary actions including the implementation of the highest safety and security measures at its residential communities and commercial towers”.
Sharjah-based Alef Group said it would provide Dh10m of relief to retailers in its Zero 6 Mall. The company said the funding would cover the value of this year’s rent for qualified tenants whose business has been affected by the virus outbreak.
Abu Dhabi’s Aldar Properties last week made a Dh100m pledge to help affected businesses and individuals.
Both Abu Dhabi and Dubai governments have also issued directives, temporarily halting the eviction of tenants struggling to pay their rent due to the coronavirus pandemic.
Updated: March 26, 2020 03:22 PM