Mubadala Real Estate and Infrastructure, affiliated with the Mubadala Investment Company, Mubadala, the sovereign investment fund of the Abu Dhabi government, has announced its plans to postpone the lease payments to renters in the Abu Dhabi Global Market Square.
This initiative, which comes within the framework of the campaign "We Work - Clearance" launched by the "Mubadala" company, aims to support commercial tenants in the Abu Dhabi Global Market Square who are currently renting office space in the four towers, namely: stamp, goods, maqam and mirage.
The # We Are Working Out campaign was launched last April, as part of addressing the economic repercussions of the emerging Corona virus "Covid-19" in the United Arab Emirates.
The period of time for this initiative extends from April to the end of June this year, as 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 AED 420 million to mitigate the economic impacts of the epidemic on tenants, and 70 million dirhams of this package were allocated to office facilities tenants.
This initiative is a continuation 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.
Commenting on this initiative, CEO of Mubadala Real Estate and Infrastructure Ali Eid Al Muhairi said: “As a responsible global investment company, we are committed to maintaining the safety and health of our employees, partners, and the communities in which we operate. Therefore, we are keen to support the wise leadership efforts of the UAE. United, and Solidarity with the International Community in Combating the Covid-19 Virus.
These integrated efforts by Mubadala, supported by its domestic and external business network, aim to support companies, individuals and societies and support global efforts to contain the consequences of this epidemic. I am confident that if we work together, we will get out of this crisis and we are stronger than we were. "