Meraas, the master-developer behind some of Dubai's prime residential and leisure destinations, will offer a Dh1 billion relief package in tandem with Dubai Holding. Image Credit: Gulf News Archive

Dubai: Dubai Holding in tandem with Meraas, the developer of Bluewaters and City Walk, have come up with a Dh1 billion economic relief package to support existing business partners and customers across their portfolio of companies.

It is the first time that government-owned enterprises are coming out with such relief measures in Dubai following the slowdown brought on by the coronavirus outbreak.

“We have directed our teams at Dubai Holding and Meraas to ensure that we provide relief to those impacted customers whether they are companies or individuals by the outbreak of COVID-19,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding and Meraas. “We believe that it is our social and economic responsibility to stand with affected partners during such unprecedented times.”

Task forces have been established at the two Dubai-owned entities to look at the specific requirements on a case-by-case basis to ensure that sufficient economic relief and support is made available.

Signature holdings

As for Dubai Holding, it lists Jumeirah Group, which operates a 6,500 plus key portfolio of 26 properties across the Middle East, Dubai Properties, and Tecom Group among its interests. Tecom Group alone owns and operates 10 sector-focussed business clusters, with Internet City and Media City being the flagships. There is also the Arab Media Group, which comprises of Global Village and Arabian Radio Network, among others.

Global Village attracted more than 7 million visitors during 2018-19 during the season.

NAT GLOBAL VILLAGE22-1584280196390
Global Village, a Dhabi Holding owned asset, has been a perennial hotspot for visitors. Image Credit: Gulf News Archive