Dubai Landlord Offers Rent Relief Due to Pandemic
Dubai Landlord Offers Rent Relief Due to Pandemic
(Bloomberg) -- ENBD REIT Plc, the real estate investment trust managed by Dubai’s biggest bank, joined efforts to offer relief to clients impacted by the coronavirus pandemic in the Middle East business hub.
Tenants can apply for rent-free periods, postponement of checks and rescheduling of payment plans, according to a statement.
“Our priority right now is identifying those in genuine need of financial assistance to weather the sustained impact of Covid-19 across businesses in Dubai,” said Anthony Taylor, head of real estate at Emirates NBD Asset Management Ltd. “While we are in a strong financial position having met our objectives to build resilience into the portfolio, we are not in a position to offer blanket relief to all tenants.”
ENBD REIT is in a “healthy” financial position after taking cost-cutting measures including negotiating down several service contracts, it said.
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Dubai’s government has offered incentives in several sectors to help industries face the crisis. Banks, property developers and others have offered relief to clients, including flexible payment plans and cutting charges.
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