Abu Dhabi-based Mubadala Investment Company has announced that its real estate and infrastructure arm would be providing rent waiver to retail tenants with lease agreements at its luxury shopping and dining destination, The Galleria on Al Maryah Island, for three months.

This initiative comes in line with Mubadala’s earlier investment of Dh420 million ($114 million) in economic relief for tenants, out of which Dh70 million ($19 million) had been allocated to several relief efforts for 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.

This initiative complements the measures launched by Abu Dhabi Global Market, the governing body of Al Maryah Island, to support businesses operating on the island and within the financial free zone.

The Galleria rent waiver is part of Mubadala’s ‘We Are Dedicated’ campaign which aims to provide various economic relief initiatives in response to the economic impact created by the Covid-19 virus outbreak in the UAE.
 
As part of this plan, Mubadala will provide qualifying tenants at The Galleria with a rent-free period effective from April to June.

Earlier this month, The Galleria re-opened and welcomed guests after implementing extensive preparedness procedures and safety measures to combat the spread of dreaded virus, whilst ensuring a safe shopping experience for all visitors.
 
Executive Director (Real Estate & Infrastructure) Ali Eid Al Mheiri said: "We are committed to supporting our partners and tenants, and 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 valued partners so that together, we overcome the challenges head-on. Our vision for Al Maryah Island and The Galleria has always been community first – this will not change and our pledge has been testament to that," he added.-TradeArabia News Service