Al-Futtaim to ease mall “financial burdens” with 3 months’ rent free
The move aims to relief financial pressure for tenants across Dubai Festival City Mall and Festival Plaza
Al-Futtaim Group will invest $27.2m (AED 100m) to help retailers affected by business disruption and slowdown due to the COVID-19 pandemic.
The fund will cover up to three months’ rent relief for eligible tenants across its malls, including Dubai Festival City Mall and Festival Plaza, in an effort to aid the recovery of their businesses in the UAE.
Over the last week, a taskforce has been established to examine how Al-Futtaim could support its retail tenants as COVID-19 forced most residents of the UAE to spend more time at home.
The team was tasked with developing measures to help affected tenants.
Al Futtaim Malls group director, Timothy Earnest, said: “In these unprecedented times, we understand the difficulties faced by the businesses and the impact this current situation is having on our economy.
He added: “As a business deeply attached to the wellbeing of the UAE, we have a role to play and have committed ourselves to finding ways to support while the malls remain open. We hope this contribution will help pave way for business continuity in this difficult environment.”