|26 March, 2020

Nakheel pledges $62.67mln relief package including rental holidays

The package includes free rental periods for retail and hospitality partners who operate within the Nakheel Malls portfolio

The logo of Nakheel is seen on at the entrance of its office in Dubai, United Arab Emirates July 27, 2017.

The logo of Nakheel is seen on at the entrance of its office in Dubai, United Arab Emirates July 27, 2017.

REUTERS/Alexander Cornwell

DUBAI - Nakheel announced an AED230 million economic relief package for customers in the wake of the Covid-19 outbreak.

According to a press release issued by the Company Thursday, the economic relief package aims to help reduce the financial burdens faced by businesses and individuals during the current global challenges.

Nakheel’s 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.

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

Commenting on the announcement, 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."

© Copyright Emirates News Agency (WAM) 2020.