Dubai Developments Group exempts business tenants from rent

Monday, 6 July 2020 19:19

Business tenants of Dubai Developments Group properties in the emirate will not pay rent for periods ranging from three to six months.

His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, issued the directive, which also exempts small firms and entrepreneurs.

The relief package worth AED200 million is an initiative aimed at supporting the economy as well as the entrepreneurial and real estate sectors.

The move will help ease the economic and social pressures cause by the COVID-19 pandemic.

It will also encourage property owners to fulfill their social responsibilities by playing a role in alleviating the economic burdens that tenants are facing as a results of the current circumstances.

An estimated 1,500 business enterprises will benefit from the initiative.

More from Business News

UK's Jaguar Land Rover to halt US shipments over tariffs

Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.
US starts collecting Trump's new 10% tariff

U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).