Nakheel Pledges AED 230 Million Relief Package, Rental Holidays

Master developer Nakheel has announced a Dh230 million ($62.6 million) economic relief package for customers in the wake of the Covid-19 outbreak.

The initiative is in line with the economic stimulus launched under the direction of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, said a statement from the Dubai developer.

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The Nakheel economic relief package aims to help reduce the financial burdens faced by businesses and individuals during the current global challenges, it added.

It includes free rental periods for retail and hospitality partners who operate within the Nakheel Malls portfolio.

The Dubai developer’s customers include property owners, retail and hospitality tenants and small business operators.

According to Nakheel, this will take effect when the malls, which are currently closed under government directives, reopen. Small retail business owners who lease space at Nakheel’s master communities will also receive a rental holiday.

Nakheel is also waiving administration charges across various services for three months, and, as per government directives, reducing district cooling charges by 10 per cent for three months for commercial and residential customers.

Chairman Mohammed Ibrahim Al Shaibani said: “Every business and individual in Dubai – and across the globe – is affected in some way by Covid-19. 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.”

Nakheel is contacting eligible business partners with details of how the stimulus package will specifically apply to them, he added.