Developer Aldar Properties announced a Dh100 million commitment to support residents, customers and partners as part of Abu Dhabi's wider efforts to cushion the blow faced by the global economy due to the coronavirus.
The company is setting aside Dh4bn to ensure timely payment to its contractors and suppliers. It also said it will offer monthly payment plans to tenants struggling to meet commitments.
"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," said Mohamed Al Mubarak, chairman of Aldar.
"The latest initiatives launched by the Abu Dhabi Executive Council, and the Dh100bn 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."
An unprecedented series of measures have been launched over the past few days to underpin the local economy as the threat of economic disruption looms due to measures taken to contain the deadly coronavirus. Globally, demand has been dented and nearly $17 trillion has been wiped off the value of stock markets.
Aldar is planning a package of measures targeting its retail clients, with a particular focus on SMEs and start-ups, totalling up to Dh50m.
The developer is also launching virtual personal shopper programmes to help its residents.
Aldar, which also has an education portfolio, said it would commit up to Dh10m to enhance distance learning capabilities across its educational network. The company is also working on 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. It will offer monthly payment plans to parents in an effort to ease the pressure of school fee payments for the current academic year.
The property developer said it is co-ordinating closely with major Abu Dhabi financial institutions to offer attractive and subsidised finance both to new homeowners and existing customers. The company said it will waive all administrative fees associated with transactions with Aldar, including transfer fees and late payment fees applicable in 2020.
"The schemes we are launching today will help ensure that we emerge from this period together in a position of strength and resilience," said Talal Al Dhiyebi, chief executive of Aldar. "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 said it has activated a "robust business continuity plan to cope with the current environment".
The company has initiated remote working, postponed business travel, limited personal travel and reduced external meetings.
The company is also set to pay out Dh1.14bn in dividends, which will help to boost the economy.