Schools in Dubai that rent land from the Dubai government's Knowledge Fund, and whose contract has been up for renewal, have some good news when it comes to costs. Rents for the 2018-19 academic year will not be increased.
The release was sent by the Dubai Media Office on behalf of the Knowledge Fund, which works on behalf of the Dubai government to lease land to private investors in the UAE.
In June school fee increases were frozen, causing many schools that had committed themselves to spending, to head back to the drawing board to seek ways to balance budgets. Schools that had expected rental increases from the Knowledge Fund will have found at least partial relief in its statement.
The move aims to support educational institutions by reducing their operational costs. The Knowledge Fund's CEO, Mr. Hesham Khalifa Al Qaizi, stated:
“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 freeze is of course temporary. "The revision of the rent value and any subsequent increase, if applicable, will be postponed until after the specified period,” Mr Al Qaizi added.
The Knowledge Fund was established in 2007 by order of H.H. Sheikh Mohammed Bin Rashid Al Maktoum to "effectively participate in developing Dubai’s knowledge capital, through profitably managing funds".