04th April 2020

wasl announces relief package to support its customers

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 the guidance of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of wasl Asset Management Group, to mitigate the effects of the current situation on various segments of society in Dubai and enhance its readiness to deal with all future conditions, wasl Asset Management Group announced a relief package directed to its tenants, both residential and commercial, in addition to its retailers. HE Hesham Al Qassim, CEO of wasl Asset Management Group, stressed that the current circumstances require working responsibly as a team and joining the various initiatives that were launched by the government. This consolidates wasl’s commitment to being at the forefront of the growing number of institutions that have demonstrated their solidarity to support the public interest. In order to stimulate the Emirate’s economy, enhance societal cohesion, help customers overcome any potential consequences, boost the financial liquidity of companies, and maintain the continuity of businesses, wasl undertook measures such as postponing rents for residential and commercial tenants for a period of three to six months — following a careful study of each case — which also applies to industrial and land tenants to sublet rentals with the same conditions and periods. wasl will also exempt all of the above from late-payment fees and other fines on a case-by-case scenario. Al Qassim, added: “The initiatives taken by wasl are in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and his call for all companies to assume their social responsibilities, now more than ever. Our relief package is a result of our obligations towards the community and our support of our economy to safeguard the stability and growth of our partners and tenants, whose happiness is our top priority and whom we are always prepared to support by providing them with all the needed factors to succeed. This will enable them to continue their operations as well as contribute to the stability of the economic climate and the business environment and its continuity, in harmony with our ambitious plans and strategies, so that Dubai remains the ideal destination to live and work.” wasl also pointed out that the prevailing conditions require companies to communicate and cooperate with their customers to alleviate any pressures or impacts that may result from the consequences of the outbreak. The company is closely following the developments of this situation as well as its readiness to continue to work and coordinate with government departments to support official initiatives and provide various forms of support to the teams working in the field, in confirmation of its social responsibility and national role. This initiative would benefit a wide base of customers in Dubai, especially as wasl has a rich portfolio comprising 47,000 residential, commercial, and retail units as well as 5,500 industrial plots across the Emirate. wasl also offers a full range of real estate and facility management services in the leasehold and freehold sectors in addition to owner’s association management services. Also, wasl’s portfolio constitutes a wide array of developments in the hospitality sector and multiple plots to lease for logistical, commercial, and industrial purposes.