As per the report by Khaleejtimes, Nakheel announced Dh230 million financial support to its customers.

For the first time in the development era, the real estate market crashes in the Middle East due to the epidemic caused by the COVID-19. While a bid of that, Master developer Nakheel announced Dh230 million economic relief package for its customer in this COVID-19 outbreak.

This initiative is taken in line with the economic stimulus launched under the supervision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister and the Ruler of Dubai, and announced by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai.

This economic package aims to reduce the financial burden facing by business and individuals during this global challenge. While Nakheel’s customers include property owners, retail and hospitality tenants and the small business operators.

In this package, its customers can avail the free rental periods for retail and hospitality partners who operate within the Nakheel Mall portfolio. Its effect will be seen when the malls reopen, which are currently closed under government directives.

For small retail business owners who lease space at the master community will also receive a rental holiday. While the developer Nakheel is also waiving administration charge on various services for three months, as per the government directives it also reduced district cooling charges by 10 per cent for three months for its commercial and residential customers.

Mohammed Ibrahim Al-Shaibani, Chairman of Nakheel, said in a statement: "Every business and individual in Dubai - and across the globe - is affected in some way by COVID-19. As a leading, responsible developer, we must support and work with our loyal customers and business partners who are facing economic challenges during these unprecedented times."