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Sun 17 May 2020 12:04 PM

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Mubadala announces rent and service charge deferral for ADGM Square tenants

Initiative is part of sovereign wealth fund's $114.4m overall package of relief

Mubadala announces rent and service charge deferral for ADGM Square tenants

ADGM tenants will be given an option to defer Q2 or Q3 payments, or as an alternative, can also make payments on a monthly basis.

Commercial tenants in Abu Dhabi’s ADGM Square are being offered a three-month deferral or rent and service charges in response to the economic impact brought on by the Covid-19 outbreak.

The real estate and infrastructure arm of Mubadala Investment Company announced the plans on Sunday for tenants in the four towers, Al Khatem, Al Sila, Al Maqam and Al Sarab.

Tenants will be given an option to defer Q2 or Q3 payments, or as an alternative, can also make payments on a monthly basis.

This follows Mubadala’s earlier investment of AED420 million ($114.4m) in economic relief for tenants, out of which AED70m ($19.1m) has been allocated to several relief measures for commercial tenants.

The initiative is effective from April to the end of June.

Ali Eid Al Mheiri, executive director of real estate & infrastructure, Mubadala, said: “As a responsible global investor, we are committed to ensuring the health and safety of our employees, partners and the communities in which we operate.”

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