Mubadala to waive rents for retailers at Galleria Mall for Q2 2020

By Backend Office, Desk Reporter
    Representational Image

    Mubadala Investment Company’s real estate and infrastructure arm will suspend second-quarter rents for retail occupants at Abu Dhabi’s Galleria Mall to assist the struggling business units amid coronavirus pandemic.

    Mubadala said that it will provide qualifying tenants with a rent-free period from April to June this year. The group had earlier offered relief measures worth Dh420 million, out of which Dh70 million was designated to commercial tenants on Al Maryah Island in the form of rent relief and postponements.

    Ali Eid Al Mheiri,
    Executive Director,
    Real Estate and Infrastructure – Mubadala

    “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.”

    Mubadala had said last week that it would extend deferments to its commercial tenants in the Abu Dhabi Global Market Square on Al Maryah Island as part of its attempts to reduce the adverse effects of COVID-19.

    Earlier this month, the Abu Dhabi government said it would offer discounts of up to 20 percent of yearly rents to restaurants, cafeterias and takeaway outlets to support them cope with the present catastrophe.

    Meanwhile, the emirate’s biggest listed-developer, Aldar Properties will increase the size of its support package to property, education and retail clients to Dh190 million to support them through the crisis.

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