Rents of school and other education sector buildings will not be increased during the academic year 2018-209, it was announced on Sunday.
A statement from Dubai Media Office said the initiative is aimed at supporting Dubai-based educational institutions and reduce their operational costs.
Hesham Khalifa Al Qaizi, Chief Executive Officer of the Knowledge Fund in Dubai confirmed that the Knowledge Fund will freeze any increase in rental value on assets leased to investors in the education sector for the academic year 2018-2019.
“This initiative reflects the efforts of the Knowledge Fund to support the development of the education sector and encourage investment in education. The initiative will freeze any rental increase due from the next academic year 2018-2019 for all its investors who are subject to contract renewal. The revision of the rent value and any subsequent increase, if applicable, will be postponed until after the specified period,” said Al Qaizi.
Furthermore, Al Qaizi added that the continuous efforts of the Knowledge Fund fall in line with the government’s directives to establish a true and effective partnership with the private sector and provide an attractive environment for investments in order to support and further develop the educational drive in Dubai for the benefit of Emiratis and residents.
The Knowledge Fund Establishment is a government entity that aspires to provide an ideal work environment promoting innovation and creativity in the education sector, making it one of the most promising institutions that are working to build a better future in Dubai.
In June, the Dubai Executive Council had announced a freeze on school fees for all private schools in the emirate for the academic year 2018-2019 in order to reduce the financial burden on parents.
Shaikh Hamdan Bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, had instructed the Knowledge and Human Development Authority to put the decision into effect immediately by informing private schools and parents.
Source: Gulf News