Abu Dhabi restaurants and F&B outlets will receive a 20% rent refund as part of the government’s Economic Stimulus Package.
The refund will apply to restaurants, F&B outlets and tourist and entertainment facilities in the UAE capital whereby contracts were signed between 1 October 2019 and 31 March 2020, or contracts that have been renewed or are due to be renewed between 1 April 2020 and 30 September 2020. The refund will not apply to lease-to-own contracts, the Department of Economic Development has confirmed.
The move comes as part of the Abu Dhabi Economic Stimulus Package that aims to help businesses survive economic challenges as a result of COVID-19.
Its stimulus package includes AED5 billion allocated for water and electricity subsidies for citizens and the commercial and industrial sectors, as well as subsidising electricity connection fees for start-ups until the end of 2020.
It also includes AED3 billion allocated to the SME Credit Guarantee Scheme, and AED1 billion to establish a market maker fund aimed at enhancing liquidity and sustaining balance between supply and demand for stocks.
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