DUBAI 8 July 2020: H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has issued directives to exempt business tenants of Dubai Developments Group properties in the emirate, including small firms and entrepreneurs, from paying rents for periods ranging from three to six months.
The relief package worth Dh200 million is an initiative aimed at supporting the economy as well as the entrepreneurial and real estate sectors. The gesture is aimed at mitigating the financial pressures faced by tenants due to the novel coronavirus, Covid-19, pandemic and its repercussions on the global economy.
The gesture encourages property owners to fulfill their social responsibilities and play a role in alleviating the economic burdens faced by tenants in the current circumstances.
Essa Al Maidoor, Director General of Dubai Developments Group, said it reflects Sheikh Hamdan’s keenness to extend a helping hand to segments of society that have borne the brunt of the repercussions of the global crisis.
An estimated 1,500 business enterprises will benefit from the initiative. The rent exemptions will contribute to enhancing their investment and financial solidity of the businesses, the financial stability of their employees, numbering over 10,000, as well as the wellbeing of their families.
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