It was agreed with the owners to temporarily exempt entrepreneurs from rents to face the repercussions of "Corona"
Khalifa Fund: Rescheduling the loans of 91 projects ... and postponing 722 installments
The "Fund" confirmed that it worked to keep pace with the economic and social changes imposed by the "Corona" crisis.
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Mubarak Al-Amiri: “The (Fund) procedures were not limited to financial support only. We have also adopted support packages with marketing, administrative and advisory dimensions.”
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The Khalifa Fund for Projects Development announced its approval to reschedule the loans of 91 projects, by increasing the grace and repayment periods and reducing the values of the installments due, as well as postponing 722 installments due on 254 projects with a maximum of three consecutive installments, and granting the most affected projects from the Corona pandemic postponements It ranged from six to 12 months.
The fund revealed, to "Emirates Today", that it had negotiated with 92 real estate development companies and real estate owners to postpone or exempt entrepreneurs from rent, indicating that it was agreed with the number of owners to exempt projects supported by the fund at an average monthly rent.
financial support
In detail, Mubarak Al-Amiri, Executive Director of the Communication and Partnerships Sector at the Khalifa Fund for Enterprise Development, said: “385 projects benefited from the financial support measures taken by the fund to limit the impact of the Coronavirus pandemic on small and medium enterprises under its umbrella.”
Al-Amiri added, in statements to Emirates Today, that “the fund agreed to reschedule the loans of 91 projects with a total value of about 71.2 million dirhams, by increasing the grace and repayment periods and reducing the values of the installments due. It also rescheduled the allocations for the terms of the loan disbursement to about 40 projects ».
Premiums deferred
Al-Amiri explained that “Khalifa Fund postponed 722 installments due on 254 projects with a maximum of three consecutive installments, with a total value of 11.4 million dirhams, while granting the most affected projects postponements ranging from six to 12 months,” noting that exempting any of the funded projects from paying All of his dues are subject to the terms and conditions of the Abu Dhabi Government's Financial Law.
negotiate
Al-Amiri stated that the Entrepreneur Support Team at the Khalifa Fund had negotiated with 92 real estate development companies and real estate owners to postpone or exempt entrepreneurs from rents, as it was agreed with a number of owners to exempt projects supported by the fund at an average monthly rent with values of about 700 thousand dirhams.
Challenges
Al-Amiri indicated that the Corona pandemic contributed to creating new challenges for entrepreneurs and owners of small and medium enterprises, most notably the need to provide liquidity and financing solutions more, the rise in fixed expenses, and the unavailability of raw materials in some cases, as well as the impact of the change in behavior The target groups for some projects and the decline in the demand
Solutions
Al-Amiri stressed that the most important thing that the owners of small and medium enterprises need at this critical stage, to enable these projects to continue and succeed and overcome the negative effects of the pandemic, is to provide financing solutions to overcome the shortage in cash flows, give priority to project owners in government tenders, and exempt them from government fees. Increasing their competitiveness and encouraging them to export.
Catalysts
Al-Amiri emphasized that the Abu Dhabi government sought to provide a set of incentives to support the economy, including programs to reduce and cancel government service fees, programs to reduce rents for commercial and industrial units, and to provide guaranteed loans from the government through banks, in addition to training programs and technical advice to project owners.
He pointed out that the Khalifa Fund’s measures to limit the impact of Coronavirus were not limited to financial support only. Rather, the Fund took several measures, and adopted other support packages with marketing, administrative and advisory dimensions based on a detailed study to assess the impact of the pandemic on small and medium enterprises and ways to overcome its impact.
innovation
Al-Amiri stated that the fund worked to keep pace with the economic and social changes imposed by the repercussions of the crisis, by devising means and tools that enable it to provide its financial, advisory, training and other support services in support of the SME sector.
He pointed out that the fund held specialized courses remotely for the owners of the most affected projects, with the aim of raising the efficiency of project owners, to enable them to plan and overcome the impact of the pandemic on their projects, as well as intensified guidance processes for project owners to monitor and reduce costs, diversify sources of income, and study the change in the behavior of the target segments. Noting that the Fund provided more than 30 thousand advice to its members.
Marketing channels
Al-Amiri added that the Khalifa Fund sought to open marketing channels, whether they were traditional channels through partners, direct sales platforms, or digital channels for project owners to diversify sources of income, as the most recent of which was the agreements concluded with Amazon and Noon, which provide outlets for sale. Fund member products.
Great effort
Mubarak Al-Amiri, Executive Director of the Communication and Partnerships Sector at the Khalifa Fund for Enterprise Development, said, “The Department of Economic Development in Abu Dhabi is leading a great and influential effort to mitigate the repercussions of the Corona crisis on the national economy in general and the small and medium-sized enterprises sector in particular, by offering and implementing many Specific initiatives and support programs that aim to enable entrepreneurs and small and medium enterprises to operate and grow in a stable and positive environment.
385
A project that benefited from the financial support measures taken by the "fund" to limit the effects of "Corona".
The Fund called for providing financing solutions to overcome the shortage of flows, giving priority to project owners in tenders and exempting them from fees.
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