Abu Dhabi’s Mubadala Investment Company has announced rent deferment plans for Abu Dhabi Global Market (ADGM) Square, it announced on May 17.
The real estate and infrastructure arm of Mubadala aims to support the ADGM Square commercial tenants which are currently leasing offices in four towers namely Al Khatem, Al Sila, Al Maqam, and Al Sarab.
This initiative is part of Mubadala’s ‘We Are Dedicated’ campaign launched in April in response to the economic situation brought on by the Covid-19 virus outbreak in the UAE.
This initiative is effective from April to the end of June 2020. Tenants will be offered a deferment of rent and service charges for a three-month period, with an option to defer their Q2 or Q3 payments.
As an alternative to deferments, tenants will also be offered the option to make their payments on a monthly basis.
This is in line with Mubadala’s earlier investment of Dhs420m in economic relief for tenants, of which Dhs70m has been allocated to several relief measures for commercial tenants.
Ali Eid Al Mheiri, executive director of real estate and infrastructure, Mubadala stated, “As a responsible global investor, we are committed to ensuring the health and safety of our employees, partners and the communities in which we operate. We stand side-by-side the UAE’s leadership and in solidarity with the international community to support the fight against Covid-19. Our integrated response harnesses the reach of our portfolio both at home and abroad and aims to support businesses, individuals and communities in this global effort. I am confident that by working together we can emerge stronger than ever before.”
Abu Dhabi Global Market is an international financial centre located in the capital.