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March 23rd 2020

Covid-19 in UAE: Rent waiver for retail, hospitality tenants in Abu Dhabi

An Abu Dhabi-based real estate developer has waived off rents for all retail and hospitality tenants – in its portfolio – for three months.

International Capital Trading (ICT) offers to support business partners and tenants in Nation Towers on Corniche Road, United Square in Khalidiya and Cubes Park in Mussafah. Also community and residential developments Marasy in Al Bateen, Al Aryam on Corniche, Al Bateen Gardens, Tourist Club Area complexes in Al Zahiya and Silverwave Tower on Mina Road, and St Regis and Al Raha Beach hotels.

“These are exceptionally difficult times. We want them to feel secure and let them know that we are there for them and that we are in this together,” ICT CEO Hamad Al Shamsi said.

“We have waived rents for retail and hospitality tenants across our properties for three months alongside restructuring and delaying payment plans to suit their needs. We remain committed to paying all partners and suppliers on time and without delay, while continuing to monitor the situation closely and make further changes to support our tenants and suppliers when required.”

Separately, similar waivers have been announced in Sharjah. Three months rent has been waived for all tenants in Haraj and Jubil markets, Sharjah Asset Management, the investment arm of Sharjah Government, has announced.

All shops in these markets will not have to pay rents for three months, according to Sharjah news.

Al Futtaim also provided rent relief to mall tenants in Dubai.