- June 9, 2020
- Posted by: Administrator
- Category: Business News
Retailers continue to operate at 30% capacity in line with safety measures to curb the spread of coronavirus
Abu Dhabi’s Galleria Mall is waiving rent for tenants in Q2 from April to June to help retailers survive economic challenges caused by the coronavirus pandemic, such as weeks of shut downs in March and April, and now a limited capacity of 30 percent.
The move by Mubadala Investment Company’s real estate and infrastructure unit comes following its introduction of relief measures worth AED420 million, of which AED70m were in the form of rent relief and deferments for retailers on Al Maryah Island.
“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,” said Ali Eid Al Mheiri, executive director of real estate and infrastructure at Mubadala.
“We have considered various strategies and invested into solutions for our valued partners so that together, we overcome the challenges head-on.”
The Abu Dhabi government this month announced a number of initiatives including offering rebates of up to 20% of annual rents to restaurants, cafeterias and takeaway outlets.
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