COVID-19: Seef Properties creates $2.6m fund to help mall tenants

The fund supports Bahrain’s national campaign to combat COVID-19 in line with the directives of the kingdom' Crown Prince

Seef Properties is listed on the Bahrain Bourse. [representational]
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Seef Properties is listed on the Bahrain Bourse. [representational]

Bahrain Bourse-listed real estate developer Seef Properties has created a $2.6m (BHD1m) financial fund to support the tenants of its commercial malls, with the move supporting Bahrain’s national campaign to combat novel coronavirus (Covid-19).

In a stock market filing, the company said, the financial assistance was announced “in light of the ongoing situation in the country and the procedures take in this regard”.

The company added in the statement that it has also approved “a set of measures to be adopted for the purpose of ensuring compliance with the relevant authority guidelines for its commercial malls and outlets”.

According to Seef Properties, the creation of the fund’s impact on its financial position will result in the reduction of $2.6m (BHD1m) from its rental income for 2020.

The announcement was made in line with the directives of the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, HRH Prince Salman bin Hamad Al Khalifa, during a board of directors meeting, chaired by chairman of Seef Properties, Essa Najibi, with the meeting also having focused on the latest developments related to the spread of the pandemic.

Speaking at the meeting, Najibi, said: “This initiative comes within our continuous commitment to support the national steps taken in such extraordinary circumstances.”

He added that the fund supports the country’s effortst to combat the pandemic, “which has become a true threat to the business and financial sectors in the Kingdom and across the globe”.

Meanwhile, the CEO of Seef Properties, Ahmed Yusuf, said: “Through the establishment of this fund, we are stressing on our support to tenants, and to maintain a flexible business environment offered at our malls and its ability to adapt to all conditions and changes to ensure their success.”

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