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Tue 17 Mar 2020 02:28 PM

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Dubai Holding reveals $272m Covid-19 economic aid package

Relief package is designed to partially alleviate burdens encumbered by businesses within the Dubai Holding ecosystem

Dubai Holding reveals $272m Covid-19 economic aid package
Jumeirah Hotels is part of Dubai Holding's portfolio.

Dubai Holding and Meraas, the Dubai-based developer and operator of lifestyle destinations, announced on Tuesday the launch of an economic relief package aimed at supporting existing business partners and customers.

The economic relief package, which amounts to more than AED1 billion ($272 million), is designed to partially alleviate the burdens encumbered by some of the businesses or individuals within the Dubai Holding and Meraas ecosystem, who have been impacted by the outbreak of Covid-19.

Task forces have been established at both Dubai Holding and Meraas to look at the specific requirements on a case-by-case basis to ensure that sufficient economic relief and support is made available.

“We have directed our teams at Dubai Holding and Meraas to ensure that we provide relief to those impacted customers whether they are companies or individuals by the outbreak of Covid-19. We believe that it is our social and economic responsibility to stand with affected partners during such unprecedented times,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Holding and Meraas.

The announcement comes as the UAE has so far reported 98 Covid-19 infections. On Monday, Bahrain reported the Gulf region's first coronavirus-related death.

Dubai Holding’s portfolio includes Jumeirah Group, Dubai Properties, TECOM Group, Dubai Asset Management, Dubai Retail, and Arab Media Group, the media and entertainment arm that comprises Global Village, Arabian Radio Network, Multi-Platform Network and Done Events.

Meraas’ portfolio comprises over 80 million square feet of total developed land, more than 5,000 homes, 1,400 retail units, and 15 destinations including Boxpark, Al Seef, Bluewaters, City Walk, Dubai Harbour, Jumeira Bay, Kite Beach, La Mer, Last Exit, Pearl Jumeira, The Beach and The Outlet Village.

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