Emirates NBD REIT (a closed investment company), a real estate investment fund that operates in accordance with Islamic law and managed by Emirates NBD Asset Management Limited, has announced in a statement, Emirates Today obtained a copy of the rent reduction initiative for tenants severely affected by the pandemic Covered 19. The initiative aims to assist tenants who are in urgent need to reduce rent, in the form of free periods, postponed checks due, or reschedule rental plans, depending on their financial situation.
On his part, Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management Company, said: “Our priority now is to identify those who desperately need financial assistance to overcome the sustainable impact of the Coved 19 pandemic in various companies in the Emirate of Dubai, where we will assess the financial status of each tenant who requests Assistance separately before agreeing to restructure rental payments that meet its requirements. "
Taylor continued, "No sector in the region is exempt from the impact of the pandemic. We want to focus on tenants who desperately need our support, identify them and find solutions with a tangible impact on them. We seek to build long-term relationships with our tenants rather than seeing them vacating our assets because of the damage to their businesses." In light of the current market conditions and rental income, which are considered a top priority, our approach will help the tenants to continue to maintain their business, while providing the opportunity for Emirates NBD REIT to achieve sustainable rental income during the coming months.