Al-Futtaim Group today revealed its intention to provide substantial AED 100 million in financial support to assist retailers in the Dubai Festival City Mall and Festival Plaza Mall, whose businesses have recently been affected by the repercussions of the spread of Covid-19 disease. The financing will cover the rental value for a period of up to three months for eligible tenants, within the framework of the group’s endeavor to participate in efforts to recover their business from the negative repercussions that affected the sector.
Al-Futtaim Group had formed a team last week to explore ways to support its retailers, after the Corona virus forced many of the UAE residents to stay in their homes. This team has been tasked with arriving at prompt and effective measures to assist the affected tenants.
“We are well aware of the seriousness of the challenges facing the sector and the potential impacts on the economy in this difficult and unprecedented period. Our position as a company contributing to the growth of the UAE’s economy necessitates playing a vital role by To provide support to the affected people as long as the shopping centers remain open, and we hope that this contribution will make a tangible difference, especially to help business continuity in these difficult circumstances. "
Ernst added: "We are always keen to pay the utmost attention to our tenant partners, but this difficult period requires that we provide double support. Our focus is currently on fulfilling our duty to provide the necessary assistance and facilities. Our competent teams will communicate with the tenants within the next few days to discuss their circumstances." Individual and support measures needed for them. "
It is worth noting that Al-Futtaim Group’s portfolio of malls in the UAE includes Dubai Festival City Mall and the recently opened Festival Plaza.