Ras Al Khaimah-based developer, Al Hamra has created an economic relief package which includes several initiatives to help ease the financial burden of its valued mall tenants, freehold owners, residents and customers, impacted by the COVID-19 outbreak.
The announcement is in line with the UAE Government and Ras Al Khaimah’s objectives to support the economic environment and boost financial stability. The initiatives include up to three months rental relief, reduction in cooling consumption charges, deferral of fees, waiver of payment delay penalties and payment due date extensions.
Dedicated teams have been deployed to assess specific requirements of various businesses and individuals to provide economic relief and support. The tasked force is also reassessing cost-effectiveness of operations in order to pass on the benefit to the end users and customers.
“We have been proud partners in shaping the real estate landscape of Ras Al Khaimah and this pride comes with a responsibility to the Emirate as well as to our partners and consumers who have contributed to our success. This pandemic is reshaping the way we think about community and has made one thing strikingly clear: our interdependence. We are working closely with our stakeholders to ensure that we recover from this period together, stronger and more resilient,” says Benoy Kurien, group CEO of Al Hamra.
“We understand the predicament faced by all and the impact of the Coronavirus outbreak on our economy. During these unprecedented times, we, are more committed than ever to stand firmly by our valued partners and customers. Our initiatives aim to support business continuity by offsetting some of the impact, and to promote the welfare of the community. Our dedicated teams will reach out to our partners in the following days to understand and discuss their requirements and implement effective measures. We will continue to support the government, our customers and partners in all ways possible to overcome this challenging situation together,” he adds.
Al Hamra group’s shopping mall portfolio includes Manar and Al Hamra Malls, along with hospitality concepts Waldorf Astoria Ras Al Khaimah and Ritz Carlton Al Hamra Beach as well a master planned community of Al Hamra Village.