Bahrain Real Estate Investment Company (Edamah), the real estate investment arm of the kingdom's sovereign wealth fund, has issued a waiver of rent for all its food and beverage (F&B) and retail tenants for March as a goodwill gesture in view of the new Coronavirus (COVID -19) situation.
Chief Executive Officer (CEO) of Edamah, Amin Alarrayed, said: “We see it as our duty at Edamah to work alongside our tenants to offer the much-needed support during this difficult time. For this reason, and as a gesture of goodwill, we are issuing a one-month moratorium on the rents of our F&B and retail tenants, to mitigate any business downturn. We will be closely monitoring the situation and want to reassure our tenants that their continued success is of utmost importance to us. As such, we will reappraise the situation after this period with the business health of our F&B tenants in mind.”
Edamah is maintaining its commitment to serve its tenants, implementing measures to minimise the adverse business effects of the COVID-19 pandemic, which particularly affect the F&B and Retail sectors, and will reappraise the situation in due course, it said. – TradeArabia News Service