Dubai Developments Group offers rent relief for tenants

Dubai Developments Group offers rent relief for tenants

Dh200 million package seeks to ease financial pressures faced by tenants and improve their stability.





Business tenants of Dubai Developments Group properties on Monday received a major relief as the group extended rental relief to small firms and entrepreneurs for periods ranging from three to six months.

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.

The relief package worth Dh200 million is an initiative from Sheikh Hamdan bin Rashid 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 Dh200 million relief package will exempt tenants from rents for periods ranging from 3-6 months, according to the type of their business activity. An estimated 1,500 business enterprises will benefit from the initiative, according to a handout issued by Dubai Media Office.

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