Relief will alleviate financial pressure for tenants across its malls in the UAE – Dubai Festival City Mall and Festival Plaza
Dubai, United Arab Emirates, 22 March 2020: Al-Futtaim Group today announced that it will be making a substantial contribution to ease the financial burden of its retail tenants by offering a fund of AED 100 million to help its retailers affected by business disruption and slowdown due to the COVID-19 pandemic. The fund will cover up to three months' rent relief for eligible tenants across its malls in an effort to aid the recovery of their businesses in the UAE.
Over the last week, a taskforce has been established to examine how Al-Futtaim could support its retail tenants as COVID-19 forced most residents of the UAE to spend more time at home. The team was tasked with quickly developing effective measures to help the affected tenants.
Timothy Earnest, Group Director, Al-Futtaim Malls commented: ‘In these unprecedented times, we understand the difficulties faced by the businesses and the impact this current situation is having on our economy. As a business deeply attached to the wellbeing of the UAE, we have a role to play and have committed ourselves to finding ways to support while the malls remain open. We hope this contribution will help pave way for business continuity in this difficult environment.”
He added: “Our tenants are of utmost importance to us always, but even more so in this challenging time. It is our duty to provide guidance and assistance to them in this time of need. All tenants will be contacted in the coming days by dedicated mall teams to discuss their individual requirements and process for relief.”
Al-Futtaim Group's mall portfolio in the UAE comprises of Dubai Festival City Mall and the newly opened Festival Plaza mall.