The Abu Dhabi Government and the UAE Central Bank have taken prompt and unprecedented steps to support the local economic environment and boost financial resilience. The various initiatives seek to preserve Abu Dhabi’s economic gains, support the private sector and prioritise support to SMEs and start-ups.
Aldar Properties PJSC (‘Aldar’), Abu Dhabi’s leading property developer and investor, is committed to its long-term sustainable approach to stakeholder management. Aldar is today announcing programmes worth AED 100 million aimed at supporting its residents, tenants, customers and partners.
Aldar will focus its efforts on the following initiatives:
- Providing tenants of its over 5,000 unit residential portfolio with monthly payment plans to support and ease rental commitments until the end of 2020
- Allocating AED 4 billion towards the timely payment and fulfilment of Aldar’s commitments to its contractors, consultants and suppliers
- Re-affirming its commitment to its shareholders by recommending to pay dividends of AED 1.14 billion, which will in turn boost the economy
- Adopting a series of initiatives with its retail partners across the portfolio totalling up to AED 50 million with a particular focus on SMEs and start-ups
- Connecting residents to retailers through delivery and virtual personal shopper programmes through customised offering and free delivery
- Providing parents of students within the Aldar Education portfolio with monthly payment plans to help ease school fee burden for the current academic year
- Committing up to AED 10 million to enhance distance learning capabilities across its education network. Developing initiatives to assist households that are unable to afford connectivity or hardware so that all students within its network are provided equal access to education
- Coordinating closely with leading Abu Dhabi financial institutions to offer attractive and subsidised financing solutions to existing customers and new homeowners to ease upcoming and final payments
- Waiving all administrative fees associated with transacting with Aldar, including transfer fees and late payment fees applicable during 2020
- Deploying all resources available at Khidmah, Aldar’s wholly owned facilities management business, to support the enhanced sanitisation efforts and offer discounts to customers for maintenance and disinfection services in their homes and offices throughout the upcoming period
H.E Mohamed Khalifa Al Mubarak, Chairman of Aldar, said: “We commend and are grateful for our wise leadership for its prompt and decisive action to limit the impact of unprecedented market conditions on the community and businesses. The latest initiatives launched by the Abu Dhabi Executive Council, and the AED 100 billion support package launched by the UAE Central Bank, will strengthen the resilience of our economy. The programmes launched by Aldar form part of our long term sustainable approach towards our economy and stakeholders.”
Talal Al Dhiyebi, CEO of Aldar, said: “As the leading real estate company in Abu Dhabi, we are focussed on long term sustainable value creation. As such, we will continue to demonstrate our leadership and responsibility in support of the long-term success of our stakeholders. The schemes we are launching today will help ensure that we emerge from this period together in a position of strength and resilience. The underlying fundamentals of our market remain uniquely sound and we believe that we have the resources to see ourselves through the coming period.”
Aldar has activated its robust business continuity plan to cope with the current environment. As such, the company has initiated remote working, postponed business travel, limited personal travel and reduced external meetings in line with its commitment to protecting the health and wellbeing of all its employees and guests. Aldar is continuously reviewing regulations in place and preparedness plans, which include higher levels of sanitisation across its communities, office buildings, shopping malls, hotels and schools in line with World Health Organisation and Department of Health guidelines.
