IslamicFinance.de

As the UAE is stepping up its fight against the new coronavirus (Covid-19), the Emirati business community is showing its solidarity and support. Abdul Rahim Al Zarooni, chairman of Zarooni Group, has allocated Dh10 million to support medical and preventive supplies in Dubai. Khalaf Al Habtoor, CEO of Al Habtoor Group, has donated 50 state-of-the-art ambulance vehicles and a medically-equipped building to be used for quarantine purposes. Al Futtaim Group has set up a fund of Dh100 million for retailers at its malls in Dubai. The fund will cover up to three months' rent relief for 'eligible' tenants, who run the risk of being caught in business disruption and slowdown. Another Emirati family business group has donated ambulances and medical equipment worth Dh12 million.

Last month, two UAE real estate developers - Al Futtaim Group and Emaar Properties - announced a big project in Egypt. Not only was this a boost to the country’s property market but it also acted as a sign of a revival of cross-border investment in the region. According to the two companies, they plan to invest about 5bn Egyptian pounds ($820m) in building the "Cairo Gate" which will be situated off the Cairo-Alexandria desert highway. The complex will be 65 hectare big and will be build around a shopping mall. An office park, a luxury hotel, schools, medical facilities and residential space are included in the plan.