At a time like this, the world is facing a crisis that no one has ever expected or has ever seen before. Many people either lost their jobs or had their salaries cut to more than half, which makes life even more challenging. As a result, some people are unable to pay their rent.
To help with that issue, some developers decided to waive the rents for certain amounts of time announcing this last March when Dubai was under lockdown. Many continued to follow suit as time passed with the most recent company being Dubai Developments Group.
A huge relief package of AED 200 M has been set for customers of Dubai Developments Group for a period that is set in the range of 3-6 months. The generous announcement was made this month by Sheikh Hamdan bin Rashed Al Maktoum, Minister of Finance and Deputy Ruler of Dubai.
Referred to as a rent holiday, it is for businesses of the esteemed company and each will have a specific time for these waivers according to the type of business. It is believed that the generous act will help over 1,500 business tenants across Dubai (The National, July 6, 2020).
About Dubai Developments Group
Dubai Developments Group is one of the most prestigious property firms in the UAE. They are behind some of the most iconic projects in Dubai that defined the city’s unforgettable skyline.
Here are some of the most popular collaborations in Dubai from Dubai Developments Group:
- Jewel of the Creek: Defined by luxury, this unmatched project is one of their best ones yet. A world-famous multi-purpose residential and commercial space, it consists of 19 amazing buildings that include luxury 4- and 5-star hotels.
- Al Murooj Complex: Imagine living in an outstanding residential community only in Dubai fashion. Al Murooj Complex truly stands out offering 6 residential towers to die for.
- JBR Amwaj Buildings: The waterfront buildings at JBR are some of the most sought-after locations in the emirate and Dubai Developments Group are behind the well-known Amwaj buildings.
Last March, no one anticipated the huge economic loss the world faced ahead. Here’s a list of developers in Dubai who offered rent relief as the crisis started:
1. Dubai Silicon Oasis Authority
As a means of supporting Dubai’s economy and understanding the crisis the world is facing, Dubai Silicon Oasis Authority announced that they will waive the rents for their tenants:
- Understanding how certain businesses are deeply affected by the shutdown, Dubai Silicon Oasis Authority (DSOA) has waived rents for businesses that rent properties in any of the DSOA owned buildings.
- Company owners had the chance not to pay their rent for up to three months starting April 2020.
- The waivers started from May 15, 2020 (Gulf News, April 19, 2020).
- Another facility Dubai Silicon Oasis Authority (DSOA) has offered its business tenants is that they may pay their rent upon 6 installments.
- As for new companies, they were offered up to a 10% discount upon renewal of their rent and got exempted from late payment until August 31, 2020. In addition to that, new companies will not pay a service charge until the DSOA allows them to work from their offices again (Gulf News, April 19, 2020).
- The Dubai Silicon Oasis Authority has created a new rental structure for residents allowing flexible payment options. The authority also allows them to delay paying their rent for two months.
About Dubai Silicon Oasis Authority
Dubai Silicon Oasis Authority is a free zone that offers residents and business owners advanced technology to make life easy and more enjoyable. They aim at creating a safe, eco-friendly environment.
Dubai Silicon Oasis Authority has a number of compounds in Dubai Silicon Oasis. Each of these compounds is unique and wonderful to live in.
- Cedre Villas: This is a cozy, family friendly villa community that is completely safe and gated and offers high quality services to its residents.
- Seven Towers: These are, as the name states, 7 towers where some of the units are residential and others are commercial.
- Silicon Building: This is a residential building in Dubai Silicon Oasis. Its residential units are apartments.
Check out properties for rent at Dubai Silicon Oasis on Property Finder.
The major developer has announced that it will remove AED 230,000,000 off its commercial tenants’ shoulders since their businesses have suffered a great loss since the world crisis. They also exempted them from paying rent during the period their stores and businesses were closed.
Al Nakheel also announced they were waiving many charges and penalties for both residential and commercial tenants.
Nakheel is one of the top leading developers in the UAE that created some of the best projects in Dubai. They are also among the first to announce rental waivers for both commercial and residential tenants in Dubai.
Nakheel is responsible for many of Dubai’s most important projects in real estate:
- The Gardens: It’s a place with beautiful building designs and a friendly atmosphere.
- Palm Jumeirah: The largest island made by man and one of the most popular places in Dubai.
- Azure Residences: It is a complex made up of 10 stories that offers its residences amazing services.
3. Dubai Holding
Dubai Holding announced rental waivers as well especially for business and commercial tenants. Cases were reviewed individually to decide on a suitable plan for payment.
Dubai Holding announced a “AED 1 Billion relief package” last April (Gulf News April 10, 2020).
About Dubai Holding
Dubai Holding is one of the most prestigious developers in the UAE based in Dubai. It is responsible for some of the main projects in Dubai, and it also operates in many countries around the world.
Dubai Holding has been one of the top developers that play a big role in making Dubai one of the most exceptional cities around the world and a major global attraction. Its projects are vital to Dubai’s economy.
- Jumeirah Beach Residence (JBR): It is only one of the most popular areas in Dubai that enables its residents to enjoy life along the sea.
- Madinat Jumeirah Living: A residential area where all units get a full sea view in a peaceful, eco-friendly atmosphere.
- Business Bay: One of the most exceptional business hubs in Dubai that offers luxurious facilities to its residents.
Meraas, like Dubai Holding, allowed rental waivers for its commercial tenants. The payment plan is decided according to each case. Meraas announced a relief package of AED 1 Billion to its tenants. (Gulf News, April 2020).
Meraas is another one of the leading real estate developers in the UAE that seeks after creatively contributing to building a better future for Dubai.
Meraas aims at helping make Dubai even greater than it is, therefore they use diverse designs that attract people from all around the globe. Its most exceptional projects are the following:
- La Mer: It is an island where you can enjoy a full view of the city of Dubai, yet have a little escape from the city and its hassle.
- City Walk: A place that offers a comfortable life, urban designs, and the best quality of life and facilities that you deserve.
- Cherrywoods: This is a beautiful area that has everything you need to enjoy your life with your family.
Check out properties at City Walk on Property Finder.
5. Dubai Healthcare City Authority
To support people, Dubai Healthcare City (DHCC) decided to waive rent for 3 months. They offered their residents discounts on health and commercial services (Gulf News, May 4, 2020).
About Dubai Healthcare City
Dubai Healthcare City is a residential area that offers significant clinical and healthcare facilities to its residents. It is also a free economic zone.
Check out properties for rent in Dubai Healthcare City on Property Finder.
6. Al Wasl Properties
Al Wasl is on the list of developers that decided to support tenants, either residents or commercial spaces, by giving them from 3 to 6 months to pay their rent. Also, fines for late payment were looked through for each case individually.
About Al Wasl
Al Wasl is a developer that manages real estate property management and leasing as well as residential and commercial buildings and projects.
Al Wasl has many outstanding projects including:
- Al Wasl 1: Al Wasl 1 is in the center of Dubai where it connects between the old city and the modern part.
- Nad Al Hammar Gardens: The area is planned to be a mixture of residential and commercial units to encourage more development and business opportunities.
- Wasl Gate: This is one of the major projects by Al Wasl Properties where people will find all the services they need whether they just want to live there, work, or visit some friends.
7. Al Husn
The company’s representatives stated that they should participate in helping people get through this time of crisis. Many residents either lost their jobs or had their salaries cut, so it is extremely difficult for them to be able to pay rent, at least for the time being.
About Al Husn
Al Husn is another one of the leading developer companies in the UAE that has commercial and residential units in Dubai and Sharjah.
8. Sultan Bin Ali Al Owais Real Estate
Sultan bin Ali Al Owais Real Estate offered its tenants a rent waiver of 45 days. The company representative stated that their tenants have been with them for many years, so they feel that they are entitled to help their tenants during these times.
About Sultan Bin Al Owais Real Estate
Sultan Bin Ali Al Owais Real Estate, or Sultan Real Estate, is part of Sultan Group Investments LLC, which is one of the Owais Group companies. Sultan Bin Al Owais Real Estate has been in business since 1972. It has established a well-deserved reputation as a developer for its vision and projects.
Sultan Bin Ali Al Owais has a number of buildings that they operate. These buildings include:
- Al Owais Business Tower: This is one of the best business towers in Dubai that offers all business tenants the services they need to have a perfect work environment.
- Naif Bazar Building: It is a great building to work where there is a metro station nearby and many facilities that tenants may need.
- Moza Ali Building: Another business building with 24-hour security, an elevator, AC facilities, and cleaning services.
9. Al Zarooni Group
Al Zarooni Group announced that it will allow its tenants at Town Center Jumeirah and Mercato malls a 3-month rent waiver. They understand that shutting down malls has caused major drawbacks in their tenants’ businesses. Therefore, Al Zarooni decided to help and waive rent for their tenants.
The waiver cost the company about AED 25,000,000. Al Zarooni also donated AED 10,000,000 for healthcare in Dubai.
About Al Zarooni Group
Al Zarooni is a real estate company named after its owner Mr. Mohammed Abdul Kareem Al Zarooni. The company handles property management like leasing, and it also has its commercial and residential buildings. It has projects in both Dubai and Abu Dhabi.
10. Dubai International Financial Centre (DIFC)
Dubai International Financial Centre offered its commercial tenants a 3-month period of rental waivers. In addition to that, they gave their tenants a discount on rent renewals. The company offered a 10% discount on lease renewal fees.
DCIF is one of the top districts in Dubai that attracts business men and women and people who are looking for a great, world-class lifestyle. It is one of the most prestigious business hubs in Dubai.
Here are the properties for rent at DIFC on Property Finder.
11. Seven Tides
Seven Tides announced that its commercial tenants are exempted from paying rent for the months of April and May, especially the ones that have been most affected by the current world crisis.
For tenants who have restaurants that only deliver food did not pay rent for April and May, and only paid the basic service fees.
For tenants who were forced to shut down completely, like gyms, beauty salons, and other businesses, they were allowed to not pay rent for April and May and only pay service fees.
This also applied to residents who lost their jobs or had salary cuts. They did not pay rent for the months of April and May.
About Seven Tides
Seven Tides is a private real estate developer that is based in Dubai and has many luxury residential and commercial properties in Dubai. It was built in 2004. It’s been one of the best developers and they are keeping it up.
Seven Tides has beautifully designed commercial and residential buildings, including:
- Ibn Battuta Gate: It is a building designed with amazing style that offers both furnished and unfurnished apartments to its residents.
- DUKES, the Palm: A luxury hotel and part of The Royal Hideaway Group
- Anantara Residences: Located in Palm Jumeirah, this is a gorgeous residential apartment building that guarantees a comfortable life to enjoy.
The crisis has affected both tenants and landlords, so it only makes sense that both parties understand the circumstances and help each other peacefully to overcome it.