Move is part of the Abu Dhabi economic stimulus package to help businesses survive economic challenges
All F&B outlets and tourism and entertainment facilities will receive a 20 percent refund on their rent payments, the Department of Economic Development in Abu Dhabi announced.
On its official Twitter account, it said the move is part of measures under the Abu Dhabi economic stimulus package to help businesses survive economic challenges.
It will cover contracts signed between October 1, 2019 and March 31, 2020, as well as for contracts renewed between April 1 to September 30, 2020. It does not apply to lease-to-own contracts, however.
.@AbuDhabiDED announces 20% rent refund for restaurants and F&B outlets, as well as tourist & entertainment facilities. The resolution follows measures announced under the #AbuDhabi Economic Stimulus Package. pic.twitter.com/SkHajYGN1v— مكتب أبوظبي الإعلامي (@admediaoffice) April 15, 2020
“.@AbuDhabiDED announces 20% rent refund for restaurants and F&B outlets, as well as tourist & entertainment facilities. The resolution follows measures announced under the #AbuDhabi Economic Stimulus Package,” the tweet said.
The UAE’s capital has enforced strict lockdown measures on social venues including F&B outlets as it fights to limit the spread of Covid-19.
Its stimulus package includes AED5 billion allocated for water and electricity subsidies for citizens and the commercial and industrial sectors, as well as subsidizing electricity connection fees for start-ups until the end of 2020.
It also includes AED 3 billion allocated to the SME Credit Guarantee Scheme, and AED 1 billion to establish a market maker fund aimed at enhancing liquidity and sustaining balance between supply and demand for stocks.
Other initiatives include waiving Tawtheeq fees for all commercial and industrial activities, waiving individual and commercial real estate registration fees as well as annual vehicle registration fees for commercial vehicles, traffic tariffs at toll gates for all vehicles.
In addition, it has waived all current commercial and industrial penalties and reduced industrial land leasing fees by 25 percent for new contracts.