|26 March, 2020

Coronavirus in UAE: More tenants get rent exemption

The financing will cover the value of this year's rent for tenants whose business has been affected

Image used for illustrative purpose. Sharjah city skyline with beautiful blue sky.

Image used for illustrative purpose. Sharjah city skyline with beautiful blue sky.

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The Sharjah-based developer Alef Group has announced financial support of Dh10 million to help tenants of Zero 6 Mall, one of the Group' projects in the emirate.

The financing will cover the value of this year's rent for qualified tenants whose business has been affected by the repercussions of the spread of the coronavirus (Covid-19), pandemic.

Issa Ataya, Director-General of Alef Group, said: "The financial support comes after an emergency meeting recently held by Alef Group's management, to discuss the best and most effective ways to support merchants and tenants in Zero 6 Mall following the decrease in the number of visitors to the commercial centers according to the instructions issued by the competent authorities to contain the spread of the virus, foremost among which is the call upon the public to stay home."

Attaya added: "We will maintain our channels of communications with all our tenants using remote working systems to provide all required facilities and fil needed transactions."

Earlier, Sharjah Asset Management (SAM) announced a three month exemption of rent for tenants in Souq Al Haraj and Souq Al Jubail.

The exemption is provided to deal with the repercussions of the Covid-19 outbreak; aligning with the goals of SAM which is continuously working towards enhancing the capabilities of the national economy, and the competitiveness of the Emirate of Sharjah.

This move seeks to contribute towards alleviating the burdens on investors and tenants; enabling them to overcome these trying conditions.

-waheedabbas@khaleejtimes.com

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