March 19, 2020 / 2:11 PM / 9 days ago

BRIEF-UAE's Al-Futtaim Group sets up $27 mln fund to cover rent for some retailers

DUBAI, March 19 (Reuters) - Dubai Media Office on Twitter:

* DUBAI-BASED CONGLOMERATE AL-FUTTAIM GROUP HAS SET UP A 100 MILLION DIRHAMS ($27.23 MILLION) FUND TO COVER RENT FOR SOME RETAILERS AT ITS “FESTIVAL” MALLS IN DUBAI

* THE FUND WILL COVER UP TO THREE MONTHS OF RENT RELIEF FOR “ELIGIBLE” TENANTS, WHO RUN THE RISK OF BEING CAUGHT IN BUSINESS DISRUPTION AND SLOWDOWN ($1 = 3.6728 UAE dirham) (Reporting by Alaa Swilam; Writing by Yousef Saba)

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