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Dh200m rent relief drive to benefit 1,500 companies for up to 6 months

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on July 6, 2020 | Last updated on July 6, 2020 at 01.48 pm
covid-19, coronavirus, rent relief, Sheikh Hamdan bin Rashid Al Maktoum, Dubai Developments Group
Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance

Dh200 million package seeks to ease financial pressures faced by tenants and improve their stability.

Business tenants of Dubai Developments Group properties on Monday received a major relief as the group extended rental relief to small firms and entrepreneurs for periods ranging from three to six months.

Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has issued directives to exempt business tenants of Dubai Developments Group properties in the emirate.

The relief package worth Dh200 million is an initiative from Sheikh Hamdan bin Rashid aimed at supporting the economy as well as the entrepreneurial and real estate sectors. The gesture is aimed at mitigating the financial pressures faced by tenants due to the novel coronavirus (Covid-19) pandemic and its repercussions on the global economy.

The Dh200 million relief package will exempt tenants from rents for periods ranging from 3-6 months, according to the type of their business activity. An estimated 1,500 business enterprises will benefit from the initiative, according to a handout issued by Dubai Media Office.

The rent exemptions will contribute to enhancing their investment and financial solidity of the businesses, the financial stability of their employees, numbering over 10,000, as well as the wellbeing of their families, it said.

Government officials, private sector representatives and business leaders praised Sheikh Hamdan bin Rashid's announcement which contributes to the government's efforts to accelerate economic growth. The initiative also supports the real estate sector in sustaining its growth momentum and maintaining its investment attractiveness.

Promoting economic growth

Sultan Butti bin Mejren, director-general, Dubai Land Department, said the generous gesture reflects Sheikh Hamdan bin Rashid's humanitarian outlook and keenness to accelerate the recovery of the real estate sector that is one of the mainstays of the national economy.

Furthermore, the initiative helps to consolidate the stability and consistency of the real estate market in the UAE, which has demonstrated strength and cohesiveness despite the prevailing conditions.

Easing challenges

Essa Al Maidoor, director-general of the Dubai Developments Group, said the initiative reflects Sheikh Hamdan bin Rashid's keenness to extend a helping hand to segments of society that have borne the brunt of the repercussions of the global crisis.

National Efforts

Marwan bin Ghalita, executive director of the Real Estate Regulatory Agency in Dubai, expressed his gratitude to Sheikh Hamdan bin Rashid Al Maktoum for the initiative.

"The UAE's real estate sector is supported by a robust organisational and legislative framework that offers one of the best investments environments in the world," he said.

business@khleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.


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