Nakheel to roll out $62.6m economic relief package

The package aims to reduce businesses' and individuals' financial burdens during COVID-19

Nakheel
Nakheel
Nakheel

Dubai-based master developer Nakheel has created a $62.6m (AED230m) economic relief package for its customers in light of the COVID-19 outbreak.

The initiative is in line with the national economic stimulus launched under the directives of Vice President and Prime Minister of the UAE and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum.

Nakheel's economic relief package aims to help reduce the financial burdens faced by businesses and individuals during the ongoing global crisis. 

The relief package will benefit the property developer's customers, which include property owners, retail and hospitality tenants, and small business operators.

The package also offers free rental periods to retail and hospitality partners who operate within the Nakheel Malls portfolio.

The free rental period will be effective when the malls - which are currently closed, in adherence to the government directives - reopen.

Small retail business owners who lease space at Nakheel’s master communities will also receive a rental holiday.

The property developer is also waiving administration charges across various services for a period of three months, and, as per government directives, reducing district cooling charges by 10% for the same period, for its commercial and residential customers.   

Speaking about the company's initiative, chairman of Nakheel, HE Mohammed Ibrahim Al-Shaibani, said: “Every business and individual in Dubai – and across the globe – is affected in some way by COVID-19. We must support and work with our customers and business partners who are facing economic challenges during these times.”

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