Dubai: Commercial tenants at Dubai Development Group’s properties will get rental exemptions for the next three to six months. A directive was issued to this effect to help out all such tenants, including small firms and entrepreneurs.
The rent relief period, of three to six months, will be dictated by the type of business activity.
In value terms, the relief package comes to Dh200 million, and will help out up to 1,500 businesses registered with the DDG.
The directive to this effect was issued by His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE's Minister of Finance. "The gesture is aimed at mitigating the financial pressures faced by tenants due to the COVID-19 pandemic and its repercussions on the global economy," a statement issued by the government said.
In a statement, Sultan Butti bin Mejren, Director-General of Dubai Land Department, said: “The initiative helps to consolidate the stability and consistency of the real estate market in the UAE, which has demonstrated cohesiveness despite the prevailing conditions. Such initiatives will also serve to strengthen the relationship between landlords and tenants.”
Apart from existing commercial real estate assets, Dubai Developments is building the 'Jewel of the Creek', a hospitality-themed cluster near Al Maktoum Bridge.
Others in the portfolio include Baniyas Tower and Blue Tower.