Mubadala defers rent for ADGM Square
Postponements will be effective until end of June for commercial tenants
The Real Estate and Infrastructure arm of Mubadala Investment Company, yesterday announced the deferment of rent for commercial tenants at Abu Dhabi Global Market (ADGM) Square as part of economic relief measures.
The deferments, which are effective until the end of June, apply to leasing office space in the developer’s four towers of Al Khatem, Al Sila, Al Maqram and Al Sarab.
Monthly installments
Commercial tenants will be offered a deferment of rent and service charges for a three-month period, with an option to defer their Quarter 2 or Quarter 3 payments.
As an alternative to a deferment of rent and service charges, tenants can make
their payments on a monthly basis under the plan.
“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,” said Ali Eid Al Muhairi, executive director of Real Estate and Infrastructure, Mubadala.
“Our integrated response harnesses the reach of our portfolio both at home and abroad and aims to support businesses, individuals and communities in this global effort. I am confident that by working together we can emerge stronger than ever before,” he added.
Mubadala last month also rolled out Dh420 million in economic relief support across its retail, residential, office leasing and hospitality sectors, with Dh70 million allocated for its commercial tenants.