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Rent relief fund of 100 million dirham launched in UAE

A rent relief fund was launched by a private business group in UAE. The Al-Futtaim Group has launched the rent relief fund. The Group operates the Dubai Festival City Mall and the recently opened Festival Plaza mall.

A rent relief fund of 100 million dirham was set up the Al-Futtaim Group. The fund is for retailers at its Festival malls in Dubai.The fund will cover up to three months’ rent relief for “eligible” tenants, who run the risk of being caught in business disruption and slowdown.

“In these unprecedented times, we understand the difficulties faced by the businesses and the impact this current situation is having on our economy. As a business deeply attached to the wellbeing of the UAE, we have a role to play and have committed ourselves to finding ways to support while the malls remain open”,said Timothy Earnest, Group Director.

Dubai Holding and Meraas had earlier in the week announced a Dh1 billion stimulus programme to tenants at its residential and commercial destinations.In Abu Dhabi, Aldar issued a Dh100 million package, which will offer options to tenants to pay through monthly – and thereby – smaller installments.

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