Leading Dubai-based conglomerate Al-Futtaim Group announced a fund of AED 100 million to help its mall tenants in Dubai Festival City and Festival Plaza, ease their financial burden in the prevailing environment caused by the novel coronavirus (COVID-19).
The move reflects the patriotic spirit of the private sector in Dubai, and the key role played by national firms in supporting the UAE economy. The fund, which will cover up to three months’ rent relief for eligible tenants across the Al-Futtaim Group’s malls, seeks to aid the recovery of their businesses in the UAE.
The announcement of the Fund follows the creation of a task force established to examine how Al-Futtaim Group can develop effective measures to help its tenants at a time when visitor footfall in malls has declined following the directives issued by local authorities to the public to avoid crowded areas. The Fund offers financial support to retailers impacted by the sensitive situation and seeks to help them reduce the impact of the slowdown caused by the COVID-19 pandemic.
Omar Abdulla Al Futtaim, Vice-Chairman of Al-Futtaim Group said that strong collaboration between various stakeholders is critical to navigate the challenges that have arisen in the current situation. The UAE and Dubai will remain strong in the face of these challenges no matter how difficult they are, he added. These measures are part of the Group’s responsibility towards the UAE and its economy as it is a partner in its journey of success locally and internationally, he stressed.
“We are proud to be one of Dubai’s key partners in its economic progress. This pride comes with a huge responsibility both towards our country and our retail business partners who are part of the Group’s success. We remain steadfast in our support to our leadership in facing this critical situation. Backed by collaboration with all stakeholders, we are confident in our ability to tide over these challenges without any significant impact,” he said.
“As a company that embodies Dubai’s spirit of resilience and supportive ethos, the Al Futtaim Group closely understands the problems faced by businesses and investors in challenging economic conditions. As a business, we are deeply committed to contributing to the growth and sustainability of the UAE and Dubai and to backing our retail partners in ensuring their business continuity. We earnestly hope this support will help our mall tenants recover and restore their business health rapidly,” he added.
“Our tenants are our highest priority at all times, but especially in this challenging period. It is our duty to provide guidance and assistance to them in this crucial period. Our dedicated teams will contact all tenants in the coming days to discuss their individual requirements,” he further said.
Al-Futtaim Group’s mall portfolio in the UAE comprises of Dubai Festival City Mall and the newly opened Festival Plaza mall.
As shared in a press release.