UAE-based conglomerate Al-Futtaim Group has pledged a Dhs100m fund to offer up to three months’ worth of rental relief to eligible tenants across its malls, it announced on Thursday, March 19.
The move, which will help facilitate its retail tenants, is an effort to stem the fallout of the Covid-19 infection that has now spread to over 165 countries worldwide and slowed down multiple industries.
A task force was established to assess how Al-Futtaim could support its tenants as the pandemic forced most residents in the country to spend more time at home, a statement said.
Timothy Earnest, group director, Al-Futtaim Malls said: “In these unprecedented times, we understand the difficulties faced by the businesses and the impact this current situation is having on our economy.
“Our tenants are of utmost importance to us always, but even more so in this challenging time. It is our duty to provide guidance and assistance to them in this time of need. All tenants will be contacted in the coming days by dedicated mall teams to discuss their individual requirements and process for relief,” he added.
Al-Futtaim’s mall portfolio in the UAE consists of Dubai Festival City Mall and the Festival Plaza mall.
Headquartered in Dubai, Al-Futtaim is structured into four operating divisions – automotive, financial services, real estate and retail. It employs more than 42,000 across 29 countries in the Middle East, Asia and Africa, the statement said.