Mubadala is taking a series of steps and measures to decrease the Coronavirus’ severe economic and social impact on the Abu Dhabi community and consumer-facing businesses across numerous sectors. Ali Eid AlMheiri, Executive Director of Mubadala Real Estate and Infrastructure (MREI) highlights Mubadala's response to the pandemic with AED 420m in economic relief across retail, residential, office leasing and hospitality sectors.
MREI has allocated up to AED 200m in rental support and assistance for existing and future retail tenants, including deferred rental payments and reduced operating expenses. Within residential properties, up to AED 150m in rental payment flexibility plans and waived fees will roll out. As for offices leased, an amount of up to AED 70m will be allocated in flexible rental payment plans or service charges for office tenants. Furthermore, MREI has presented reduced rates and waived fees for cancellations or changes on existing Four Seasons Hotel Abu Dhabi and Rosewood Abu Dhabi room bookings, meetings and events in 2020.