Al-Futtaim Group has announced a three-month rent-free period for retail tenants to ease the financial burden. The company has decided to offer a fund of AED100 million to help its retailers affected by business disruption and slowdown due to the COVID-19 pandemic. The fund will cover up to three months’ rent relief for eligible tenants across its malls in an effort to aid the recovery of their businesses in the UAE.
Al-Futtaim Group’s mall portfolio in the UAE includes Dubai Festival City Mall and the newly opened Festival Plaza mall.
Over the last week, a taskforce was established to examine how Al-Futtaim can support its retail tenants as COVID-19 forced most residents of the UAE to spend more time at home. The team was tasked with quickly developing effective measures to help the affected tenants.
“In these unprecedented times, we understand the difficulties faced by the businesses and the impact this current situation is having on our economy. As a business deeply attached to the wellbeing of the UAE, we have a role to play and have committed ourselves to finding ways to support while the malls remain open. We hope this contribution will help pave way for business continuity in this difficult environment,” said Timothy Earnest, group director, Al-Futtaim Malls.
“Our tenants are of utmost importance to us always, but even more so in this challenging time. It is our duty to provide guidance and assistance to them in this time of need. All tenants will be contacted in the coming days by dedicated mall teams to discuss their individual requirements and process for relief,” he added.
Developers including Abu Dhabi-based ALDAR (AED100 million) and Dubai Holding and Meraas (AED1 billion) have also announced similar stimulus packages to support tenants.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha B / 
The Ministry of Industry and Advanced Technology (MoIAT) in cooperation with Lulu
What does it take to sustain profitable growth in the post-IPO phase?
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In 2024 grocery retail major Choithrams has achieved several milestones underscoring its
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
The regional grocery retail market is evolving fast keeping pace with constantly
From ethical and local sourcing to adopting cutting-edge technologies to curb food
/ 
The Dubai Duty Free (DDF) has recorded sales of $1.94 billion up
In an era where digital transformation is pivotal, shopping malls are not
This panel discussion at MRF 2024 explored the evolution of retail spaces,
An exclusive piece contributed By Oliver Morgan, Partner, Real Estate Development &
In the bustling retail environments, where shopping malls are not just places
In what comes as a significant announcement, Middle East based eyewear majors
Emirati Gen Z women are seeking collaborative, culturally diverse and creatively enriching
In today’s fast-paced retail environment, shopping malls are continually searching for innovative
Times Square Center, located in the vibrant heart of Dubai, stands as
Emaar Properties has announced a mega expansion of Dubai Mall, which will
Previous Article
