Dubai Developments Group offers tenants rent relief of upto six months
The package is valued at Dhs200m and expected to benefit over 1,500 businesses
Business tenants of Dubai Developments Group properties in the emirate, including small firms and entrepreneurs, will be exempted from paying rents for periods ranging between three to six months, determined by the type of their business activities.
The statement issued by the Dubai Media Office did not specify the criteria under which businesses would be evaluated to determine the specific period of their rent exemptions.
The directive issued by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, aims to alleviate pressure faced by tenants and the real estate industry during the Covid-19 pandemic.
The Dhs200m relief package is expected to benefit 1,500 businesses and around 10,000 employees working within those businesses.
HH Sheikh Hamdan bin Rashid, Deputy Ruler of #Dubai and Minister of Finance, issues directives to extend rental exemptions to business tenants of Dubai Developments Group properties over the next 3-6 months https://t.co/adEF4QmmrO pic.twitter.com/RzczUBkpJ2
— Dubai Media Office (@DXBMediaOffice) July 6, 2020
“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,” said Sultan Butti bin Mejren, director general of the Dubai Land Department.
“Such initiatives will also serve to strengthen the relationship between landlords and tenants. Stimulus and incentive packages played a key role in ameliorating the economic situation and stabilising the real estate market,” added Butti bin Mejren.
Several developers, conglomerates and free zone operators ranging from Nakheel and Al Futtaim to the Dubai International Financial Sector and Dubai Silicon Oasis have announced rent relief packages for their tenants over the last few months in response to the pandemic.
