The Department of Economic Development in Abu Dhabi called on the owners of establishments operating in the activities of tourism, entertainment and restaurants to renew the lease contracts for these establishments, and to continue the activity and not to stop it due to the conditions that these establishments are currently going through, related to the repercussions of the emerging Corona Virus (Covid-19), in order to benefit from the initiative The government of the Emirate of Abu Dhabi recovers 20% of the rental value for the establishments operating in these activities.
The director of the Industrial Development Department in the Abu Dhabi Economy, Khaled Mubarak Bani Zama, said, in a remote briefing yesterday, that the total rental value of about 8000 real estate units working in these activities, and the initiative applies to them, exceeds one billion dirhams, while the percentage of 20% is about 200 million dirhams, to be borne by the Abu Dhabi government.
Bani Zama explained that this incentive initiative targets establishments that trust the investment climate in Abu Dhabi, and intends to continue its activities, and seeks to invent new solutions that help in the continuation, especially since these establishments bear a high rental value.
He mentioned that the activities included in the initiative include: cafes, cafeterias, restaurants, as well as tourism offices, recreational places for children, sports activities, and a "spa" for men and women, theaters, and cinema inside and outside the commercial centers.
Bani Zama called on the owners of the establishments to try to obtain a reduction in rents by real estate owners, pointing out that the department calls on the owners to interact with the current conditions, shoulder their societal responsibilities, and reduce the rental value for the owners of the affected establishments.
He stressed that there is complete flexibility in this initiative, noting that the initiative includes new investors who renew rents during the period from April 2019 to April 2020, as well as old investors who renew rents between the first of last April and until next September.
He revealed that the "Abu Dhabi Department of Economic Development" received 220 requests from qualified establishments to obtain the discount values, as well as emails and SMS messages were sent to the 8,000 real estate sites that deserve a 20% refund, explaining that the value of 20% is returned in a period ranging between a week And a month.