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Mon 30 Jul 2018 09:21 AM

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Dubai freezes rent on school buildings for 2018-2019 academic year

The rental increase freeze applies to the 2018-2019 academic year

Dubai freezes rent on school buildings for 2018-2019 academic year
Earlier this year, in June, the Dubai Executive Council announced that Dubai would freeze school fees for all private schools for the 2018-2019 year in a bid to reduce the financial impact on parents.

Dubai’s Knowledge Fund has frozen any increase in rental values on assets leased to investors in the education sector for the 2018-2019 academic year, Knowledge Fund CEO Hesham Khalifa Al Qaizi announced on Sunday.

In a statement, Al Qaizi said that the “this initiative reflects the efforts of the Knowledge Fund to support the development of the education sector and encourage investment in education.”

“The initiative will freeze any rental increase due from the next academic year 2018-2019 for all its investors who are subject to contract renewal,” he added.

“The revision of the rent value and any subsequent increase, if applicable, will be postponed until after the specified period.”

The Knowledge Fund is a government entity tasked with establishing an “ideal” work environment to promote innovation and creativity in the education sector.

Earlier this year, in June, the Dubai Executive Council announced that Dubai would freeze school fees for all private schools for the 2018-2019 year in a bid to reduce the financial impact on parents.

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