Mubadala Real Estate and Infrastructure, affiliated with the Mubadala Investment Company, "Mubadala", has announced its plans to postpone the lease payments to the tenants in the Abu Dhabi Global Market Square.
The company stated in a statement yesterday, that this initiative, which comes in the framework of the "We Work - Save" campaign, launched by Mubadala, aims to support commercial tenants in the Abu Dhabi Global Market Square, who are currently renting office space in the four towers, namely: stamping and goods The station and mirage.
The campaign was launched last April, as part of addressing the economic repercussions of the emerging "Corona" virus in the UAE.
The period of time for this initiative extends from April to the end of June this year, where tenants will have the opportunity to postpone the rental and service fees for a period of three months, with the option to postpone the payment of the second or third quarter.
As an alternative to postponing rental and service fees, tenants will also have the possibility to make payments in monthly installments.
The rent exemption initiative comes within the framework of the support package announced by "Mubadala", as it allocated an amount of 420 million dirhams, to mitigate the economic effects of the epidemic on tenants, as 70 million dirhams of this package were allocated to office facilities tenants.
This initiative also comes in completion of the measures launched by the Abu Dhabi Global Market, the regulatory authority overseeing Al Maryah Island, to support and conduct business on the island and in the financial free zone.
Ali Eid Al Muhairi, Executive Director of Mubadala Real Estate and Infrastructure, said: “As a responsible global investment company, we are committed to preserving the safety and health of our employees, partners, and the communities in which we work, and therefore we are keen to support the wise leadership efforts of the UAE and solidarity with the international community. In the fight against the virus (Covid-19).