Move aligns with Mubadala’s earlier investment of $114mn in economic relief for tenants, $19m of which was allocated for commercial tenants
Rent deferment plans for the ADGM Square development have been announced by Mubadala Investment Company’s real estate and infrastructure arm. The move is part of the company’s ‘We Are Dedicated’ campaign, which was launched in April in response to the economic impact brought on by the COVID-19 outbreak in the UAE. The initiative is effective from April to the end of June 2020.
The initiative aims to support ADGM Square commercial tenants currently leasing office spaces in the four towers – Al Khatem, Al Sila, Al Maqam and Al Sarab.
According to a statement, tenants will be offered a deferment of rent and service charges for a three-month period, with an option to defer their second or third quarter payments. As an alternative to a deferment of rent and service charges, tenants will also be offered the ability to make payments on a monthly basis.
“As a responsible global investor, we are committed to ensuring the health and safety of our employees, partners and the communities in which we operate. We stand side-by-side the UAE’s leadership and in solidarity with the international community to support the fight against COVID-19. Our integrated response harnesses the reach of our portfolio both at home and abroad and aims to support businesses, individuals and communities in this global effort. I am confident that by working together we can emerge stronger than ever before,” said Ali Eid Al Mheiri, executive director of Real Estate & Infrastructure at Mubadala.
This initiative is said to complement the measures launched by Abu Dhabi Global Market, the governing body of Al Maryah Island, to support businesses operating on the island and within the financial freezone.