Dubai Developments Group offers tenants rent relief of upto six months

Dubai Developments Group offers tenants rent relief of upto six months

The Dhs200m relief package is expected to benefit 1,500 businesses. Image courtesy: Dubai Media Office

Business tenants of Dubai Developments Group properties in the emirate, including small firms and entrepreneurs, will be exempted from paying rents for periods ranging between three-six months, determined by the type of their business activities.

The statement issued by the Dubai Media Office did not specify the criteria under which businesses will be evaluated to determine the specific period of their rent exemptions.

The directive issued by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, aims to alleviate pressure faced by tenants and the real estate industry during the Covid-19 pandemic.

The Dhs200m relief package is expected to benefit 1,500 businesses and around 10,000 employees working within those businesses.

HH Sheikh Hamdan bin Rashid, Deputy Ruler of #Dubai and Minister of Finance, issues directives to extend rental exemptions to business tenants of Dubai Developments Group properties over the next 3-6 months https://t.co/adEF4QmmrO pic.twitter.com/RzczUBkpJ2

“” Dubai Media Office (@DXBMediaOffice) July 6, 2020

"The initiative helps to consolidate the stability and consistency of the real estate market in the UAE, which has demonstrated strength and cohesiveness despite the prevailing conditions,“ said Sultan Butti bin Mejren, director general