Al Hamra, Ras Al Khaimah-based real estate developer, has raised an economic relief package in light of the coronavirus (COVID-19) pandemic for its mall tenants, residents, and owners. Upon the objectives of the Ras Al Khaimah, the developer said they had made the declaration to be in line with the UAE Government to assist the economic environment and boost financial strength.
Accordingly, the company will reduce rents up to three months, extend the fees and payment due to date extensions, step down penalties on payment delays and also reduce cooling bills. All these steps are upon the help of the economic relief package.
The chief executive officer of Al Hamra has stated that this initiative has been made because the pandemic changed their way of thinking about the community and reshaped the process in which it is narrowed down to one clear thing: their interdependence. They also added their understanding of the dilemma faced by the whole and the effect of the coronavirus outbreak on their economy.
Furthermore, the company aims to support the business continuity by balancing some of the impacts and to upgrade the well-being of the community.
In the UAE, the company consist of many projects such as Manar Mall, Al Hamra Mall, Ritz Carlton Al Hamra Beach, Al Hamra Village, and Waldorf Astoria Ras Al Khaimah.