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.
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