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18 March 2020

UAE firms launch Covid-19 economic aid packages

An unprecedented series of measures have been launched over the past few days to underpin the local economy as the threat of economic disruption looms due to the impact of Covid_19

The stimulus packages will partially alleviate the burdens encumbered by some of the businesses due to Covid_19/iStock

by Kudakwashe Muzoriwa

UAE companies have unveiled economic relief packages to support their portfolio of companies following unprecedented steps by the Abu Dhabi and Dubai governments as well as the Central Bank of the UAE to support the local economic environment and boost financial resilience.

Meraas, Dubai’s premier developer and operator of lifestyle destinations and Dubai Holding, a global investment holding company, launched an AED 100 million economic relief package aimed at supporting existing business partners and customers across their portfolio of companies.

The stimulus package seeks to partially alleviate the burdens encumbered by some of the businesses or individuals within the Meraas and Dubai Holding ecosystem, who have been impacted by the outbreak of COVID-19.

HH Sheikh Ahmed bin Saeed Al Maktoum, the Chairman of Meraas and Dubai Holding, said, “We have directed our teams at Dubai Holding and Meraas to ensure that we provide relief to those impacted customers whether they are companies or individuals by the outbreak of COVID-19.”

Abu Dhabi’s Alder Properties also rolled out an AED 100 million stimulus package to support its residents, tenants, customers and partners.

Aldar will provide tenants with monthly payment plans to support and ease rental commitments until the end of 2020. The developer will allocate AED 4 billion towards the timely payment and fulfilment of Aldar's commitments to its contractors, consultants and suppliers.

 “The schemes we are launching today will help ensure that we emerge from this period together in a position of strength and resilience,” said Talal Al Dhiyebi, the CEO of Aldar.

Furthermore, Alder will also commit up to AED 10 million to enhance distance learning capabilities across its education network and coordinate with leading Abu Dhabi financial institutions to offer subsidised financing solutions to existing customers and new homeowners to ease upcoming and final payments.

“We believe that it is our social and economic responsibility to stand with affected partners during such unprecedented times,” said Sheikh Al Maktoum.

Aldar also plans to waive all administrative fees such as transfer fees and late payment fees applicable during 2020.

The Abu Dhabi-based developer will connect residents to retailers through delivery and virtual personal shopper programmes offering free delivery as well as provide parents of students within the Aldar Education portfolio with monthly payment plans to help ease school fee burden.

RELATED STORIES: Alder Properties COVID-19 Dubai Holding





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