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Tue 2 Apr 2019 02:21 PM

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Dubai's Nakheel dismisses 'unfounded' claims over Night Market

Dubai developer issues statement to tackle 'misguided' social media reports regarding tenant rental agreements

Dubai's Nakheel dismisses 'unfounded' claims over Night Market
The Dubai-based developer issued a statement saying it remains committed to The Night Market which is nearing completion.

Nakheel on Tuesday moved to dismiss "misguided and unfounded" reports on social media regarding tenant rental agreements at The Night Market on Deira Islands.

The Dubai-based developer issued a statement saying it remains committed to The Night Market which is nearing completion, without giving details about the social media claims.

It added that it has recently written to tenants - with reminders where necessary - requesting them to sign their lease for the project.

"We are proud of, and committed to, The Night Market, which was created specifically to encourage young Emiratis into business. We continue to support them, as we always have, by exercising fairness and flexibility with a number of initiatives to assist those who booked space at the project," Nakheel said. 

The company added that it is offering rent reductions of between 30-50 percent, three months’ free rent, instalment plans, consolidation of units by 50 percent, the option to sublease and the ability to transfer units post signing.

When the project was launched in 2014, Nakheel said young Emirati entrepreneurs made up the majority of hundreds of local businessmen and woman who have snapped up shop space.

Some 1,200 retail and restaurant units had been reserved by UAE traders, with investors' ages ranging from early 20s to over 60, Nakheel said at the time.