Business

Rent deferment offered for offices at ADGM Square in Abu Dhabi

Rent deferment offered for offices at ADGM Square in Abu Dhabi

Commercial tenants of the Abu Dhabi Global Market (ADGM) Square can now avail of rent deferments, the real estate and infrastructure arm of Mubadala Investment Company announced on Sunday. 

The relief measure is part of Mubadala's 'We Are Dedicated' campaign and aims to support ADGM Square's tenants currently leasing office spaces in its four towers - Al Khatem, Al Sila, Al Maqam and Al Sarab.

This initiative is effective from April until the end of June this year. Tenants will be offered a deferment of rent and service charges for a three-month period, with an option to defer their second or third-quarter payments. 

As an alternative to a deferment of rent and service charges, tenants can also make their payments on a monthly basis. This is in line with Mubadala's earlier investment of Dh420 million in economic relief for tenants, out of which Dh70 million has been allocated to several relief measures for commercial tenants.

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

Ali Eid Al Mheiri, executive director for real estate and infrastructure, Mubadala, said: "As a responsible global investor, we are committed to ensuring the health and safety of our employees, partners and the communities in which we operate. We stand side by side with the UAE's leadership and in solidarity with the international community to support the fight against Covid-19. Our integrated response harnesses the reach of our portfolio both at home and abroad and aims to support businesses, individuals and communities in this global effort. I am confident that by working together we can emerge stronger than ever before."

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