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Tue 17 Mar 2020 02:34 PM

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Aldar says to review rents, school fees as Covid-19 burden looms

Abu Dhabi developer announces raft of inititatives to support residents, tenants, customers and partners during outbreak of coronavirus

Aldar says to review rents, school fees as Covid-19 burden looms

Talal Al Dhiyebi, CEO of Aldar.

Aldar Properties, the Abu Dhabi-based developer, on Tuesday announced programmes worth AED100 million aimed at supporting its residents, tenants, customers and partners during the outbreak of the new coronavirus.

Aldar said it will focus its efforts on a number of initiatives including providing tenants of its over 5,000 unit residential portfolio with monthly payment plans to support and ease rental commitments until the end of 2020.

The company will allocate AED4 billion towards the timely payment and fulfilment of Aldar’s commitments to its contractors, consultants and suppliers while also recommending to pay dividends of AED1.14 billion to shareholders, which will in turn boost the economy.

The announcements come as the UAE has so far reported a total of 98 coronavirus-related infections.

Aldar said it will also adopt a series of initiatives with its retail partners across the portfolio totalling up to AED50 million with a particular focus on SMEs and start-ups.

The company plans to connect residents to retailers through delivery and virtual personal shopper programmes while also providing parents of students within the Aldar Education portfolio with monthly payment plans to help ease school fee burden for the current academic year.

Aldar is also committing up to AED10 million to enhance distance learning capabilities across its education network and waiving all administrative fees associated with transacting with Aldar, including transfer fees and late payment fees applicable during 2020.

Mohamed Khalifa Al Mubarak, chairman of Aldar, said: “We commend and are grateful for our wise leadership for its prompt and decisive action to limit the impact of unprecedented market conditions on the community and businesses.

"The latest initiatives launched by the Abu Dhabi Executive Council, and the AED100 billion support package launched by the UAE Central Bank, will strengthen the resilience of our economy. The programmes launched by Aldar form part of our long term sustainable approach towards our economy and stakeholders.”

Talal Al Dhiyebi, CEO of Aldar, added: “The schemes we are launching today will help ensure that we emerge from this period together in a position of strength and resilience. The underlying fundamentals of our market remain uniquely sound and we believe that we have the resources to see ourselves through the coming period.”

Aldar has also initiated remote working, postponed business travel, limited personal travel and reduced external meetings in line with its commitment to protecting the health and wellbeing of all its employees and guests.