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Tuesday, October 27, 2020
Home GCC Countries UAE Abu Dhabi businesses get a 20% refund on rent

Abu Dhabi businesses get a 20% refund on rent

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Around 8,000 tourism, leisure and commercial facilities and restaurants in the emirate are eligible to a refund of 20 per cent of the annual rental value on their commercial property leases worth Dh1 billion.

They get a refund of Dh200 million as part of the economic stimulus package launched by the Abu Dhabi government within the “Ghadan 21” programme to mitigate the impact of the coronavirus pandemic on business activities.

This was announced by Khaled Mubarak Bani Zama, director of the Industrial Development at the Abu Dhabi Department of Economic Development, during a media briefing on Sunday.

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“The refunding of 20 per cent of the value of helps support the private sector and enhance confidence in the emirate’s investment environment, thus ensuring the sustainability of businesses in view of the current exceptional conditions facing the world at large,” Bani Zama said.

Earlier in May, the department launched a strategic digital service that will enable restaurants, tourism and entertainment facilities within the emirate to apply for a 20 percent refund on the annual rental value of their commercial property leases.

The department approved 220 applications from restaurants, tourism and entertainment facilities who applied for a 20 per cent refund on the annual rental value of their commercial property leases, Bani Zami said.

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The Abu Dhabi government stressed that the refund of 20 per cent of the total rental value paid by investors who started their lease from September 2019 or renewed their contracts during the period from April 1 2020 until the end of September 2020.

The move aimed to help add and enhance the confidence in the emirate’s business environment. The resolution covers all facilities practicing activities of restaurants, cafeterias, tourism and entertainment.

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