Abu Dhabi’s restaurants, tourist facilities and leisure and entertainment businesses can now claim a 20 percent refund on their annual rent as part of the emirate’s efforts to mitigate the economic
Abu Dhabi’s restaurants, tourist facilities and leisure and entertainment businesses can now claim a 20 percent refund on their annual rent as part of the emirate’s efforts to mitigate the economic impact of the coronavirus pandemic.
The new scheme was announced by the Abu Dhabi Department of Economic Development (ADED) director of Industrial Development, Khaled Mubarak Bani Zama, on Sunday.
The scheme falls under the “Ghadan 21” coronavirus relief package and applies for businesses that have an annual rental value of at least 1 billion dirhams ($272.29 million). It allows them to claim up to 200 million dirhams ($54.46 million) as a refund.
“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,” said Bani Zama in a media briefing.
He added that 220 applications had already been approved.
The government specified that the refund applied for investors who had started their lease from September 2019, or renewed their contracts during the period from April 1, 2020, until the end of September 2020.
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Source: News https://english.alarabiya.net/en/coronavirus/2020/06/15/Coronavirus-Abu-Dhabi-restaurants-tourism-facilities-can-claim-20-pct-rent-refund.html