The real estate and infrastructure arm of Mubadala Investment Company said it will provide rent waivers for three months, to retail tenants with lease agreements at The Galleria on Al Maryah Island.

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

According to a statement, the initiative aligns with Mubadala’s earlier investment of $114m in economic relief for tenants, out of which $19m had been allocated to several relief efforts for commercial tenants. The initiative follows 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 freezone.

“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,” said executive director (Real Estate & Infrastructure) Ali Eid Al Mheiri.

Earlier this month, The Galleria re-opened after implementing extensive preparedness procedures and safety measures to combat the spread of the dreaded virus, whilst ensuring a safe shopping experience for all visitors, the statement said.

The real estate and infrastructure arm of Mubadala Investment Company said it will provide rent waivers for three months, to retail tenants with lease agreements at The Galleria on Al Maryah Island.

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

According to a statement, the initiative aligns with Mubadala’s earlier investment of $114m in economic relief for tenants, out of which $19m had been allocated to several relief efforts for commercial tenants. The initiative follows 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 freezone.

“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,” said executive director (Real Estate & Infrastructure) Ali Eid Al Mheiri.

Earlier this month, The Galleria re-opened after implementing extensive preparedness procedures and safety measures to combat the spread of the dreaded virus, whilst ensuring a safe shopping experience for all visitors, the statement said.