The UAE is launching a AED-1-mn initiative, entitled Year of Giving, aiming to salvage insolvent tenants in the country, Invest-Gate reports.
The ‘Year of Giving’ initiative will provide the Rental Dispute Center (RDC), which is concerned with solving rental disputes in the UAE, with financial assistance in order to help it conduct a study assessing cases deserving to receive support, according to a released statement.
“One of our key objectives at RDC is to secure stable relations between tenants and landlords, as well as Dubai’s safe real estate environment. The new initiative will enable us to support insolvent tenants in a meaningful way,” says RDC Director Abdulqader Mousa.
The finances will be utilized to pay the deferred rental fees of critical cases, Mousa says, adding that RDC will continue to assist humanitarian cases through its specialized committees.