Al Futtaim unveils AED 100 Million relief for Festival City retailers

Thursday, 19 March 2020 18:53

Dubai's Al Futtaim Group has announced a relief fund worth AED 100 million to alleviate the pressure on its retailers during the Covid-19 outbreak .

It will cover up to three months’ rent for eligible tenants, who have already faced business disruption and slowdown.

The Group operates the Dubai Festival City Mall and the recently opened Festival Plaza mall.

An Al Futtaim Group spokesperson said during unprecedented times, they understand the difficulties faced by the businesses.

All retail tenants will be contacted in the next few days to discuss their individual requirements

It comes after Dubai Holding and Meraas announced an AED 1 billion stimulus programme to tenants at its residential and commercial destinations.

More from Business

Tesla promises 'more affordable' cars after shelving all-new Model 2

Tesla said it would introduce "new models" by early 2025 using its current platforms and production lines as it retreated from more ambitious plans to produce an all-new model that had been expected to cost $25,000.
UAE, Oman establish investment partnerships worth AED 129 billion

The UAE and Oman have agreed to establish investment partnerships worth AED 129 billion.
Spinneys sets IPO price range at AED1.42-AED1.53

Supermarket chain Spinneys is seeking to raise as much as $375 million from the sale of a 25 per cent stake in an initial public offering, it disclosed on Tuesday.
Meta opens Quest operating system to third-party device makers

Meta Platforms is sharing its Quest headset's operating system with rival device makers, including Microsoft, for the first time, it said on Monday, as it works to extend its influence over the emerging virtual and mixed reality industry.
UAE calls for international collaboration to solve global challenges

The United Arab Emirates has committed to further global collaboration to find solutions to worldwide issues during the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) held in Washington D.C.

The Agenda
10:00am - 1:00pm

Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.
Entertainment Extra
1:00pm - 2:00pm

Is there a summer slowdown in the UAE property market?
John Lyons of Espace Real Estate says there is a slight slowdown in the property market during summer. So we asked him, does this mean prices are negotiable during the summer months?
UAE's new prosecution offices to deal with financial crime
Lawyer Rebecca Kelly of Clyde & Co. explained why UAE judicial authorities are setting up new offices to deal with financial crime, including money laundering.
Airalo
Airalo - an eSim company disrupting telco's roaming revenues, has raised $60 million in funding including investment from our own e&.

On Dubai Eye

Flying Taxis
It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.
Tough penalties for deliberate tax evasion
The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.