Mubadala provdies retail tenants with rent-free quarter
The Real Estate and Infrastructure arm of Mubadala Investment Company, the Abu Dhabi-based sovereign investor, announced that it will be providing rent-free relief to retail tenants with lease agreements at The Galleria. This is part of Mubadala’s ‘We Are Dedicated’ campaign which aims to provide various economic relief initiatives in response to the economic impact brought on by the COVID-19 virus outbreak in the UAE.
Mubadala will provide qualifying tenants at The Galleria tenants with a 3 month rent-free period effective from April through to June 2020. Earlier this month, The Galleria re-opened and welcomed guests after implementing extensive preparedness procedures and safety measures to combat the spread of COVID-19, whilst ensuring a safe shopping experience for all visitors.
Ali Eid Al Mheiri, Executive Director of Real Estate & Infrastructure, Mubadala commented on the latest development saying, “We are committed to supporting our partners and tenants, and in line with recent updates with the COVID-19 outbreak in the UAE, we have established various tactics to maintain business continuity. We have considered various strategies and invested into solutions for our valued partners so that together, we overcome the challenges head-on. Our vision for Al Maryah Island and The Galleria has always been community first – this will not change and our pledge has been testament to that. “
The rent-free initiative comes in line with Mubadala’s earlier investment of AED 420 million in economic relief for tenants, out of which AED 70 million has been allocated to several relief efforts for commercial tenants. This includes rent relief and deferments to its residential, commercial and retail tenants at Al Maryah Island and flexible payment and fees provisions to customers of its financial services assets. This initiative complements the measures launched by Abu Dhabi Global Market, the governing body of Al Maryah Island, to support businesses operating on the island and within the financial free zone.