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RAK developer Al Hamra announces Covid-19 package

31-03-2020

Ras Al Khaimah-based real estate developer Al Hamra has has announced an economic relief package for 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 key 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, said the RAK developer.
 
Al Hamra group has diversified interests in retail, residential and hospitality in the emirate 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.
 
Dedicated teams have been deployed to assess specific requirements of various businesses and individuals to provide economic relief and support, it stated. 
 
The tasked force is also reassessing the cost-effectiveness of operations in order to pass on the benefit to the end-users and customers, it added.
 
Group CEO Benoy Kurien 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," he added.-TradeArabia News Service 



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