Dubai-based property developer Nakheel has announced a AED 230 million ($62.6m) economic relief package for its customers amid the ongoing coronavirus pandemic, including rent free periods at its malls, the company has announced.
In a statement issued by the company on Thursday, Nakheel said that the economic relief package is aimed at helping reduce the financial burdens faced by businesses and individuals during the crisis.
The package includes free rental periods for retail and hospitality partners who operate within the Nakheel Malls portfolio.
The initiative will take effect when the malls – which are currently shuttered as a precautionary measure – reopen.
Additionally, small retail business owners who lease space at Nakheel’s master communities will also receive a rental holiday.
The company also said that the administration is waiving charges across various services for a three-month period.
“Every business and individual in Dubai – and across the globe – is affected in some way by Covid-19,” said Nakheel chairman Mohammed Ibrahim Al-Shaibani. “As a leading, responsible developer, we must support and work with our loyal customers and business partners who are facing economic challenges during these unprecedented times.” More