Edamah waives March rent for tenants amid COVID-19 outbreak
CEO, Amin Alarrayed: "We are issuing a one-month moratorium on the rents of our F&B and retail tenants" as a goodwill gesture
Bahrain Real Estate Investment Company (Edamah) has announced that it waived rents for all of F&B and retail tenants in its portfolio for the month of March as a sign of goodwill, amid the pandemic novel coronavirus (COVID-19) outbreak.
Edamah is the real estate investment arm of the kingdom's sovereign wealth fund, Mumtalakat.
Speaking about the initiative, chief executive officer of Edamah, Amin Alarrayed, said: “We see it as our duty at Edamah to work alongside our tenants to offer much needed support during this difficult time.
“For this reason, and as a gesture of goodwill, we are issuing a one-month moratorium on the rents of our F&B and retail tenants, to mitigate any business downturn.”
Alarrayed added: “We will be closely monitoring the situation and want to reassure our tenants that their continued success is of the utmost importance to us.”
In a statement, Edamah revealed that in response to its decision on the temporary waiver a tenant said that it would be “a great help” in such a situation.