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Jebel Ali School agrees to pay $5.45mln rent arrears to Emirates REIT

June 15, 2021
islamic finance

Payment is part of a $19mln rent arrears according to the real estate investment trust

Jebel Ali School (JAS) has agreed to pay AED 20 million ($5.45 million) in rent arrears to Emirates REIT (CEIC) PLC as the two parties attempt to resolve a long-standing dispute.

The school, formerly Jebel Ali Primary School, one of the emirate’s oldest schools, has agreed to make the payment as part of outstanding dues of around AED 70 million, said Emirates REIT in a filing to Nasdaq Dubai.

“The parties have also agreed to work together along with an external advisor, to find a permanent solution for the payment of the outstanding and future rent by Jebel Ali School,” the filing said.

JAS moved to its current location in Hessa Street in 2016, having previously been located in Jebel Ali Village since 1977.

Tarek Alami, chairman of the board of Jebel Ali School said: “Jebel Ali School is pleased to have reached this agreement with Emirates REIT, and in doing so, ensuring the continued success of one of Dubai’s longest serving private schools”.

Sylvain Vieujot, executive deputy chairman of Equitativa, which manages Emirates REIT, said: “This agreement and rent payment is an important milestone in restoring our relationship with Jebel Ali School.

“We want to ensure the long-term success of this important tenant of Emirates REIT and of our education portfolio.”

zawya

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