The relief fund will cover three months’ rent for ‘eligible’ retailers who might be impacted by COVID-19 virus
Al Futtaim Group has announced a fund of $27 million to help its mall tenants in Dubai Festival City and Festival Plaza, to ease their financial burden caused by the novel coronavirus, COVID-19.
The relief fund will cover up to three months’ rent for ‘eligible’ retailers who run the risk of being caught in business disruption and slowdown, and will aid the recovery of their businesses in the UAE.
According to a statement form Al Futtaim Group, a task force has been established to assess how Al Futtaim could support its tenants as the pandemic forced more residents in the country to spend time at home. The team is also tasked with developing effective measures to help affected tenants,
Timothy Earnest, group director at Al-Futtaim Malls commented: “In these unprecedented times, we understand the difficulties faced by the businesses and the impact this current situation is having on our economy.”
“As a business deeply attached to the wellbeing of the UAE, we have a role to play and have committed ourselves to finding ways to support while the malls remain open. We hope this contribution will help pave way for business continuity in this difficult environment.”
“Our tenants are of utmost importance to us always, but even more so in this challenging time. It is our duty to provide guidance and assistance to them in this time of need. All tenants will be contacted in the coming days by dedicated mall teams to discuss their individual requirements and process for relief,” he concluded.