UAE’s property developer Seven Tides said its residential, commercial, and retail tenants in Dubai’s Discovery Gardens and Ibn Battuta Gate are eligible to receive rent relief measures if they experienced job cuts, salary reductions, or disruptions to their businesses because of the COVID-19 crisis, Khaleej Times reports.
The relief measures include payment deferrals and easier monthly installments, the developer noted on April 27. Penalties are waived for those who wish to terminate their leases early as a result of job displacement, it added.
Abdulla bin Sulayem, CEO of Seven Tides, said “Although the social restrictions need to be implemented by the government to make sure that we all remain safe and that we contain the spread of the virus, it is only natural to have empathy with those who are facing hardship. But that only counts if it results in something tangible.”
“Therefore, we have designed these support packages to try and alleviate as much as possible, not only the financial impact, but also the emotional stress that people are having to contend with, brought on by isolation and exacerbated by thoughts of an uncertain future,” added bin Sulayem.