Abu Dhabi’s Mubadala to waive Q2 rent for retail tenants at its Galleria mall


Abu Dhabi’s Mubadala to waive Q2 rent for retail tenants at its Galleria mall

25 May 2020

Retail tenants at the Galleria mall in Abu Dhabi will not have to pay rent for the second quarter, mall operator Mubadala has said.

The real estate and infrastructure arm of Abu Dhabi-based sovereign investor Mubadala Investment Company will provide tenants at the Galleria a three-month rent-free period effective from April through to June 2020, a statement said.

While the UAE closed all malls in the country in late March, they were gradually allowed to reopen this month.

Located on Al Maryah Island, Galleria reopened and welcomed guests earlier this month after implementing the required procedures and safety measures to combat the spread of Covid-19, the statement said.

The initiative is part of Mubadala’s ‘We Are Dedicated’ campaign launched in April in response to the economic situation brought on by the Covid-19 virus outbreak in the UAE.

Mubadala previously announced Dhs420m in economic relief for tenants, out of which Dhs70m has been allocated to commercial tenants.

This includes rent relief and deferments to its residential, commercial and retail tenants at Al Maryah Island and flexible payment and fees provisions to customers of its financial services assets.

Last week, the company also announced rent deferment plans for commercial tenants in four towers at the Abu Dhabi Global Market (ADGM) Square.

Ali Eid Al Mheiri, executive Director of Real Estate and Infrastructure, Mubadala, said: “In line with recent updates with the Covid-19 outbreak in the UAE, we have established various tactics to maintain business continuity.

“We have considered various strategies and invested into solutions for our partners so that together, we overcome the challenges head-on. Our vision for Al Maryah Island and the Galleria has always been community first.”

Source: Gulf Business