· Tenants on Authority’s properties offered deferred payment of rent for three months
· Fines for delayed rent payment to be waived; Authority considering extension of lease contracts
Government of Dubai Media Office – 04 April 2020: In response to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council, the Dubai Culture & Arts Authority (Dubai Culture) announced a package of measures to ease the financial challenges of tenants in its cultural and heritage properties.
The measures, which aim to help its tenants ease challenges in the current economic environment, include exemptions and grace periods, effective from 15 March, 2020. The measures complement the support measures launched by the UAE government to reduce pressures on the business sector and boost the national economy in the current global economic situation.
Dubai Culture’s package of relief measures includes exemption from fines for delayed payment of property rents, effective 15 March; and deferred rent payment for three months starting from the beginning of April. The Authority is also considering extending rental contracts for a renewable period of three months.
The measures are aligned with Dubai Culture’s commitment to fostering the growth of the UAE’s cultural and creative community and ensure the sector’s sustainability.
Her Excellency Hala Badri, Director General of Dubai Culture, stressed that the Authority places a high priority on ensuring a sustainable cultural and creative sector in the UAE and providing support to all players in the sector.
“This relief package is part of the measures Dubai Culture is implementing to enhance Dubai’s position as a global hub for culture and talent and an incubator for creativity, Our responsibility now, more than ever, is to support the talent in the cultural and creative sectors to facilitate their progress and eliminate any obstacles that hinder their growth. We must also support the UAE leadership’s pioneering efforts that aim to strengthen the national economy and protect the business environment, which is one of the most unique in the region.”
The measures are part of Dubai Culture’s vision to serve as an incubator for talent and innovation in the emirate. They are also aligned with its efforts to achieve one of the objectives of the Dubai Plan 2021 to make the emirate a home for creative and empowered individuals. These measures also form part of the Authority’s efforts to find solutions to challenges facing the cultural sector in cooperation with local institutions and authorities.