Al-Hamra, a real estate developer, services provider and investment company in the northern emirates, has created an economic relief package, which includes several initiatives to help ease the financial burden of its 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 of 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.
The initiatives include up to three months of rental relief, reduction in cooling consumption charges, deferral of fees, waiver of payment delay penalties and payment due date extensions.
Benoy Kurien, group CEO of Al-Hamra, said: “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.
“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.”
Al-Hamra has diversified interests in retail, residential and hospitality in Ras Al-Khaimah and owns iconic assets such as the award-winning master planned community of Al-Hamra Village, Waldorf Astoria Ras Al-Khaimah, Ritz Carlton Al-Hamra Beach, Manar and Al-Hamra Malls. The group is focused on providing premier lifestyle real estate developments, while investing in hospitality and leisure segments.