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Coronavirus: Nakheel announces $62m economic relief package for customers

Master developer says economic relief package aims to help reduce the financial burdens faced by businesses and individuals during the current global challenge

Nakheel, the Dubai-based master developer, has announced a $62.6 million economic relief package for customers in the wake of the COVID-19 outbreak, in line with the economic stimulus launched under the directive of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.

Announced by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, the economic stimulus plan is part of the Federal Government’s additional measures to support the national economy, ensure business continuity and mitigate the coronavirus impact.

In a statement, Nakheel said that its economic relief package aims to help reduce the financial burdens faced by businesses and individuals during the current global challenges. Its customers include property owners, retail and hospitality tenants and small business operators. The package includes free rental periods for retail and hospitality partners who operate within the Nakheel Malls portfolio.

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.

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

Mohammed Ibrahim Al-Shaibani, chairman of Nakheel, 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.

 

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