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ABU DHABI: The Real Estate and Infrastructure arm of Mubadala Investment Company, the Abu Dhabi-based sovereign investor, announced that it will be providing rent-free relief to retail tenants
with lease agreements at The Galleria. This is part of Mubadala’s ‘We Are Dedicated’ campaign which aims to provide various economic relief initiatives in response to the economic impact brought on by the COVID-19 virus outbreak in the UAE.
Mubadala will provide qualifying tenants at The Galleria tenants with a 3 month rent-free period effective from April through to June 2020. Earlier this month, The Galleria re-opened and welcomed guests after implementing extensive preparedness procedures and safety measures to combat the spread of COVID-19, whilst ensuring a safe shopping experience for all visitors.
Ali Eid Al Mheiri, Executive Director of Real Estate & Infrastructure, Mubadala commented on the latest development saying, “We are committed to supporting our partners and tenants, and in line with recent updates with the COVID-19 outbreak in the UAE, we have established various tactics to maintain business continuity. We have considered various strategies and invested into solutions for our valued partners so that together, we overcome the challenges head-on. Our vision for Al Maryah Island and The Galleria has always been community first – this will not change and our pledge has been testament to that. “
The rent-free initiative comes 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 efforts for commercial tenants. This includes rent relief and deferments to its residential, commercial and retail tenants at Al Maryah Island and flexible payment and fees provisions to customers of its financial services assets. 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.
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Al Maryah Island
Al Maryah Island is Abu Dhabi’s business and lifestyle destination. It is designated as Abu Dhabi’s International Finance Center and is an international financial free zone that offers businesses the ideal landscape to invest, grow and thrive.
This unique 114-hectare cosmopolitan is home to Abu Dhabi Global Market, the award-winning IFC and governing authority of Al Maryah Island. Features include retail and dining offerings, premium hospitality and world-class healthcare with Cleveland Clinic Abu Dhabi. Al Maryah Island is surrounded by a striking waterfront promenade, which hosts some of Abu Dhabi’s most exciting events.
The combination of offerings sets this destination as a business-friendly place with a progressive ecosystem that fosters innovative thinking and collaboration. Whether a UAE resident, a visitor from the GCC or abroad, an investor or business partner, Al Maryah is a place to experience the city at its most dynamic, offering a truly exceptional experience.
For more information, visit almaryahisland.ae
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi.
Mubadala’s US $229 billion portfolio spans five continents with interests in multiple sectors including aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings across all asset classes. Mubadala has offices in Rio de Janeiro, Moscow, New York and San Francisco, with a joint venture in Hong Kong.
Mubadala is a trusted partner, an engaged shareholder and a responsible global company that is committed to world-class standards of governance.
© Press Release 2020
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