His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, directed the exemption of commercial tenants, owners of small companies and entrepreneurs, in Dubai Development Group properties in Dubai, from paying rents for a period of between three and six months, at a value of 200 million dirhams, in an initiative From His Highness to support the economy of the Emirate of Dubai and the commercial sector in it, and taking into account the current conditions of tenants in light of the exceptional circumstances, following the pandemic of the Corona virus emerging (Covid-19), and its repercussions on the entire global economy.
Government officials and businessmen in Dubai praised the initiative of His Highness, Deputy Ruler of Dubai and Minister of Finance, which actively contributes to supporting and strengthening the government's efforts to accelerate the pace of recovery.
Economic boost
The Director General of the Department of Lands and Properties in Dubai, Sultan Butti bin Majren, stressed the great value of this generous gesture from His Highness Sheikh Hamdan bin Rashid Al Maktoum, which reflects his highness and keen interest in accelerating the recovery of this vital sector that constitutes the backbone of the national economy, because of the investment opportunities it holds. Promising that meets the aspirations of those wishing to invest, and contributes influentially to the consolidation, stability and stability of the real estate market in the UAE, which was characterized by strength and cohesion during the exceptional circumstances experienced by most of the world, and negatively affected by its strongest economies.
Bin Mejren valued the national efforts at the governmental level, private sector institutions and individuals, and its positive role in enhancing the economic landscape in general, especially ensuring the stability of the real estate market within the package of facilities and initiatives that reflect a national sense, and a keen interest in assuming social responsibility, and adopting such humanitarian initiatives to mitigate tenants Under the current circumstances.
Bin Mejren expressed his confidence in the rapid recovery of this sector, which is witnessing a gradual detente, in light of the governmental efforts, awareness and societal cooperation to control the epidemic.
Reducing burdens
For his part, the Director General of the Dubai Development Group, Engineer Issa Al-Maydour, praised the humanitarian initiative of His Highness Sheikh Hamdan bin Rashid Al Maktoum, stressing that it is not strange to His Highness, with his keenness to excel in managing the recovery period, similar to the great excellence shown by the government in managing this crisis , Noting the importance of this initiative at the present time, and its positive role in alleviating the financial burdens on the tenants, and enhancing their financial and family stability at this stage.
The number of commercial establishments benefiting from the initiative is estimated at 1500 commercial establishments, to achieve investment stability for them and their employees, who number more than 10 thousand employees and their families.
A state of optimism
For his part, the Executive Director of the Real Estate Regulatory Agency in Dubai, Marwan bin Ghalita, expressed his great thanks and gratitude to His Highness Sheikh Hamdan Bin Rashid Al Maktoum for this humanitarian initiative, which increases the importance of its great positive impact under the current circumstances, praising the national efforts in this field And with the multiple facilities and incentives that contribute to increasing confidence between the government and private sectors, which establishes a state of optimism towards the investment and business environment, in light of the availability of the organizational and legislative structure for the real estate sector in the UAE, which is considered one of the best global environments that attract investment.
Stabilization
The beneficiaries of the initiative expressed their great thanks to His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and the Minister of Finance, for the great support and role of His Highness in achieving stability for businessmen and easing economic and social burdens for them, while the initiative is a motivation and catalyst, to encourage real estate owners to Take on social responsibility.