His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, directed the exemption of commercial tenants, owners of small companies and entrepreneurs in Dubai Development Group properties in Dubai from the payment of rents for a period of between three and six months at a value of 200 million dirhams, in a generous initiative from His Highness To support the economy of the Emirate of Dubai and its commercial sector, and taking into account the current conditions of tenants in light of the exceptional circumstances following the pandemic of the Corona virus emerging (Covid-19) and its repercussions on the entire global economy.
A number of government officials, the private sector and businessmen in Dubai praised the initiative of His Highness, Deputy Ruler of Dubai and the Minister of Finance, which actively contributes to supporting and strengthening the government's efforts to accelerate the pace of recovery from the consequences of the global crisis and boost economic growth, support the entrepreneurship sector and increase the efficiency of the real estate market that It is witnessing a clear openness towards stronger levels of performance in light of the great investment opportunities provided by this vital sector, despite the circumstances in the global economy at this time.
The beneficiaries of this noble initiative expressed their great thanks and gratitude to His Highness Sheikh Hamdan Bin Rashid Al Maktoum for this great support with its positive impact represented in achieving the stability of tenants and entrepreneurs and alleviating economic and social burdens on them, while the initiative is a motivation and catalyst to encourage real estate owners to bear Social responsibility.
Economic boost
The Director General of the Department of Lands and Properties in Dubai, Sultan Butti bin Mujren, stressed the great value of this generous gesture from His Highness Sheikh Hamdan bin Rashid Al Maktoum, which reflects His Highness’s keenness and great interest in accelerating the recovery of this vital sector that forms the backbone of the national economy, because of the opportunities it holds. A promising investment that meets the aspirations of those wishing to invest, and it contributes influentially to the consolidation, stability and stability of the real estate market in the UAE, which was characterized by strength and cohesion during the exceptional circumstances experienced by most countries of the world and negatively affected by its strongest economies.
The Director General of the Dubai Land Department commended all national efforts at the governmental level, private sector institutions and individuals, and its positive role in promoting the economic landscape in general, especially ensuring the stability of the real estate market within the package of facilities and initiatives that reflect a national sense and a keen interest in bearing social responsibility, and adopting such humanitarian initiatives To relieve tenants under the current conditions.
Bin Mejren expressed his confidence in the rapid recovery of this sector, which is witnessing a gradual détente in light of government efforts, awareness and societal cooperation to control the epidemic and the return of life to normal in various sectors, pointing to the importance of such initiatives in enhancing the relationship of lessors and tenants in a manner that contributes to achieving the common interest , And relieves the burden imposed by the Covid-19 pandemic.
Reducing burdens
For his part, Eng. Issa Al-Maydour, Director General of Dubai Development Group, praised the humanitarian initiative of His Highness Sheikh Hamdan Bin Rashid Al Maktoum, stressing that it is not strange to His Highness with his keenness to excel in managing the recovery period, similar to the great excellence shown by the government in managing this crisis, pointing out The importance of this initiative at the present time and its positive role in alleviating the financial burdens on tenants and enhancing their financial and family stability at this stage.
Eng. Al-Maydour said: His Highness Sheikh Hamdan bin Rashid Al Maktoum’s initiative to exempt tenants for periods of time ranging from 3-6 months, at a value of 200 million dirhams, according to the commercial activity, reflects the great concern of His Highness and his human outlook for this group of society that has borne repercussions during these exceptional circumstances. The world, and the number of commercial institutions that benefit from the initiative is estimated at about 1500 commercial establishments to achieve investment stability for them and their employees, who are estimated to number more than 10 thousand employees and their families.
National efforts
For his part, Marwan bin Ghalita, Executive Director of the Real Estate Regulatory Agency in Dubai, expressed his sincere thanks and gratitude to His Highness Sheikh Hamdan bin Rashid Al Maktoum for this humanitarian initiative, which increases the importance of its great positive impact in the current circumstances, praising all national efforts in this field and the various facilities and incentives That contributes to increasing confidence between the government and private sectors, which creates a state of optimism towards the investment and business environment, in light of the availability of the organizational and legislative structure for the real estate sector in the UAE, which is considered one of the best global environments that attract investment.