Mubadala Announces Rent Deferment For ADGM Square Tenants
Mubadala’s Real Estate & Infrastructure business unit continues to roll-out relief measures to support commercial tenants as part of its ‘We Are Dedicated’ campaign.
Abu Dhabi, United Arab Emirates:
The Real Estate and Infrastructure arm of Mubadala Investment Company, the Abu Dhabi-based sovereign investor have announced the rent deferment plans for ADGM Square. This is part of Mubadala’s ‘We Are Dedicated’ campaign and aims to support ADGM Square commercial tenants currently leasing office spaces in the four towers, Al Khatem, Al Sila, Al Maqam, Al Sarab. The campaign launched in April in response to the economic impact brought on by the COVID-19 virus outbreak in the UAE.
This initiative is effective from April to the end of June 2020. Tenants will be offered a deferment of rent and service charges for a three month period, with an option to defer their Quarter 2 or Quarter 3 payments. As an alternative to a deferment of rent and service charges, tenants will also be offered the ability to make their payments on a monthly basis. This is in line with Mubadala’s earlier investment of AED 420 million in economic relief for tenants, out of which AED 70 million has been allocated to several relief measures for commercial tenants.
This initiative complements 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 free zone.
Ali Eid Al Mheiri, Executive Director of Real Estate & Infrastructure, Mubadala stated, “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.”