Ras Al Khaimah developer announces incentives amid Covid-19 pandemic

Ras Al Khaimah based real estate developer and investment firm, Al Hamra, has created an economic relief package to ease the burden of its customers impacted by the Covid-19 outbreak, it announced on Wednesday, April 1.

The package, that includes initiatives for its mall tenants, freehold owners, residents and customers, entails up to three months rental relief, reduction in cooling consumption charges, deferral of fees, waiver of payment delay penalties and payment due date extensions.

The relief is in line with the UAE government and Ras Al Khaimah’s objectives to support the economic environment and boost financial stability.

Teams have been dedicated to assess requirements of various businesses and individuals to extend economic relief as well as to reassess the cost-effectiveness of operations to pass on the benefit to customers.

“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,” said Benoy Kurien, group CEO of Al Hamra.

“We understand the predicament faced by all and the impact of the coronavirus outbreak on our economy. 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.”

Al Hamra group has diversified interests in retail, residential and hospitality in the emirate, and owns assets such as the community of Al Hamra Village, Waldorf Astoria Ras Al Khaimah, Ritz Carlton Al Hamra Beach, Manar and Al Hamra Malls.

On March 22, the United Arab Emirates boosted the size of its stimulus package to $34bn to fend off the impact of the coronavirus.

Read: UAE boosts stimulus to $34bn to fend off virus impact