Coronavirus: Dubai developer Nakheel pledges $62 million package for customers

Nakheel which was behind the Palm development project. (File photo: Shutterstock)

Dubai property developer Nakheel has announced a 230 million UAE dirham ($62.63 million) economic relief package for its customers due to the impact of the coronavirus pandemic, according to a statement posted by the media office of the Dubai government.

The announcement follows various stimulus packages launched by governments and central banks across the region and world to combat the economic fallout of the coronavirus, officially known as COVID-19.

“The Nakheel economic relief package aims to help reduce the financial burdens faced by businesses and individuals during the current global challenges,” the media office of the Government of Dubai said in a statement.

Nakheel, which runs several malls within its Nakheel Malls portfolio, will offer free rental periods to its retail and hospitality partners, while small retail business owners that lease space at the company’s master communities will also receive a rental holiday.

Administration charges across various services will also be waived, and district cooling charges will be reduced by 10 percent for three months for commercial and residential customers.

There have been 814 cases of coronavirus infection in the UAE, with eight deaths. Globally, nearly 940,000 people have been infected, with over 47,000 deaths.

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Last Update: 06:57 KSA 09:57 - GMT 06:57
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