COVID-19: Al Hamra reduces rents, cooling bills, extends payment dates
CEO, Benoy Kurien, says initiatives "support business continuity by offsetting some of the impact" of the pandemic
Ras Al Khaimah-based real estate developer, Al Hamra, has rolled out an economic relief package in light of the coronavirus (COVID-19) pandemic for its mall tenants, owners, as well as residents.
The developer said that the announcement has been made in line with the UAE Government and Ras Al Khaimah’s objectives to support the economic environment and boost financial stability.
As part of the economic relief package, Al Hamra will reduce up to three months rents, extend the payment of fees and payment due date extensions, and waive off penalties on payment delays. The company will also reduce cooling bills.
Speaking about the initiative, chief executive officer of Al Hamra, Benoy Kurien, said: “This pandemic is reshaping the way we think about community and has made one thing strikingly clear: our interdependence.”
“We understand the predicament faced by all and the impact of the coronavirus outbreak on our economy.”
Kurien added that the company’s initiatives aim “to support business continuity by offsetting some of the impact, and to promote the welfare of the community”.
Al Hamra projects in the UAE include Al Hamra Village, Waldorf Astoria Ras Al Khaimah, Ritz Carlton Al Hamra Beach, Manar Mall, and Al Hamra Mall.