Emaar Malls Extends Relief Measures for Stores Affected by Virus
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Dubai-based retail and mall operatorEmaar Malls PJSC is taking further steps to ease the financial burden of tenants affected by the coronavirus pandemic, according to a document viewed by Bloomberg.
The new set of policies include waivers for tenants whose stores have been forced to shut by the government. Dubai restricted movement since mid-March, culminating in a full, three-weeklockdown through most of April.
The city started easing the restrictions just over a week ago, allowing malls and restaurants to resume operating under certain conditions, and limiting the curfew to eight hours overnight.
Read:Emaar Chairman Sees Dubai Recovering from Virus in Mid-2021: CNN
More from the statement:
- Waivers will be extended for the period starting March 24-April 27 and will be on base rent, service charges, yearly marketing fees and a 70% flat discount on chilled water charge limited to the lockdown period.
- Tenants whose stores were shut prior to the lockdown period, including entertainment stores and spas, will also benefit from the decision starting from the date of the government’s closure.
- Tenants whose stores were open during the lockdown will pay turnover rent calculated for each store.
- To avail the relief policies, tenants are required to clear all outstanding payments up to the 24th of March and submit their monthly sales reports when applicable. They must also remain open for business post lockdown unless closed by the government.
The United Arab Emirates, of which Dubai is a part, has reported a total of 13,599 cases, including 119 fatalities.
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