UAE's Aldar pledges $27.2mln support for residential, retail partners

The developer will be allocating $1.08bln towards the timely payment and fulfilment of its commitments to its contractors, consultants and suppliers

Headquarters of Aldar is seen in Abu Dhabi, United Arab Emirates, December 24, 2018.

Headquarters of Aldar is seen in Abu Dhabi, United Arab Emirates, December 24, 2018.

REUTERS/Hamad I Mohammed

Abu Dhabi-based property developer and investor Aldar Properties has announced a Dh100 million ($27.2 million) commitment to support residents, tenants, customers and partners as part of its long-term sustainable stakeholder management approach.

In a statement, the property developer stated that it will focus efforts on various initiatives that include providing tenants in its over 5,000 unit residential portfolio with monthly payment plans to support and ease rental commitments until the end of 2020.

Aldar also added that it will be allocating Dh4 billion ($1.08 billion) towards the timely payment and fulfilment of its commitments to its contractors, consultants and suppliers.

It re-affirmed its commitment to its shareholders by recommending to pay dividends of Dh1.14 billion, which will in turn boost the economy.

Commenting on the announcement, Chairman Mohamed Khalifa Al Mubarak said: "We commend and are grateful for our wise leadership for its prompt and decisive action to limit the impact of unprecedented market conditions on the community and businesses."

"The latest initiatives launched by the Abu Dhabi Executive Council, and the Dh100 billion support package launched by the UAE Central Bank, will strengthen the resilience of our economy," stated Al Mubarak.

"The programmes launched by Aldar form part of our long term sustainable approach towards our economy and stakeholders," he added.

The Abu Dhabi developer said it will also adopt a series of initiatives with retail partners across its portfolio, with a particular focus on SMEs and start-ups, totalling up to Dh50 million.

The Abu Dhabi property developer will also connect residents to retailers via the delivery and virtual personal shopper programmes through customised offering and free delivery services.

Parents of students within the Aldar Education portfolio will also be given a monthly payment plan to help ease the burden of school fees for the current academic year.

Aldar noted that it is also committing up to Dh10 million to enhance distance learning capabilities across its education network. It is also developing initiatives to assist households that are unable to afford connectivity or hardware so that all students within its network are provided equal access to education.

The property developer is also coordinating closely with leading Abu Dhabi financial institutions to offer attractive and subsidised financing solutions to existing customers and new homeowners to ease upcoming and final payments.

It will waive all administrative fees associated with transactions with Aldar, including transfer fees and late payment fees applicable during 2020.

All resources available at Khidmah will be deployed to support the enhanced sanitisation efforts and offer discounts to customers for maintenance and disinfection services in their homes and offices throughout the upcoming period, it added.

CEO Talal Al Dhiyebi said: "As the leading real estate company in Abu Dhabi, we are focussed on long term sustainable value creation. As such, we will continue to demonstrate our leadership and responsibility in support of the long-term success of our stakeholders."

"The schemes we are launching today will help ensure that we emerge from this period together in a position of strength and resilience. The underlying fundamentals of our market remain uniquely sound and we believe that we have the resources to see ourselves through the coming period," he added.

Aldar pointed out that it has activated its robust business continuity plan to cope with the current environment.

As such, the company has initiated remote working, postponed business travel, limited personal travel and reduced external meetings in line with its commitment to protecting the health and wellbeing of all its employees and guests, it stated.

Aldar is continuously reviewing regulations in place and preparedness plans, which include higher levels of sanitisation across its communities, office buildings, shopping malls, hotels and schools in line with World Health Organisation and Department of Health guidelines, it added.-TradeArabia News Service

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