Nakheel offers rent relief, sets up Dh230m package

Nakheel offers rent relief, sets up Dh230m package
Nakheel offers rent relief, sets up Dh230m package

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Aden - Yasmin Abdel Azim - Nakheel is extending a helping hand to its tenants across its malls and other commercial properties. File picture of recently opened Nakheel Mall on the Palm. Image Credit: Al Khaleej Today Archive

: Nakheel has come out with a Dh230 million economic relief package for its clients following the COVID-19 outbreak. The package aims to "reduce the financial burdens faced by businesses and individuals during the current global challenges".

The beneficiaries will include property owners, retail and hospitality tenants and small business operators. The package includes free rental periods for retail and hospitality partners who operate within the Nakheel Malls portfolio.

This will take effect when the malls - currently closed under government directives - reopen. Small retail business owners who lease space at Nakheel’s master communities will also receive a rental holiday.

"Nakheel is contacting eligible business partners with details of how the stimulus package will specifically apply to them," the company said in a statement.

The developer is also waiving administration charges across various services for three months. It is also reducing district cooling charges by 10 per cent for three months for commercial and residential customers.

Mohammed Ibrahim Al-Shaibani, Chairman of Nakheel, said in a statement, “Every business and individual in Dubai – and across the globe – is affected in some way by COVID-19. As a leading developer, we must support and work with our loyal customers and business partners who are facing economic challenges during these unprecedented times.”

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