In further action to try and stem the business decline caused by the pandemic, Bahrain Real Estate Investment Company (Edamah), the real estate investment arm of the Kingdom’s sovereign wealth fund, announced that they would be extending the March moratorium on rents, with initiatives to support their tenants and ensure business continuity during the months of April and May, this remedial action would include rent deferment for all affected businesses across Edamah’s retail, F&B and commercial properties and include rent waivers to those businesses most impacted by the forced closures.
In recognition of the potential deepening of the financial burdens already being experienced by its tenants, Edamah’s Chief Executive Officer, Amin Alarrayed said, “We will defer rents until the end of May for those sectors that we believe to be at greatest risk. If by that time our tenants continue to experience difficulties, we will reassess on a case-by-case basis to ensure their ability to continue their operations once the crisis is over.”
He continued, “Our concern relates mostly to small and medium sized enterprises, who, in respecting the strict directives from health officials, have been directly impacted by the closure of their stores and outlets.”
The fluid and changeable nature of the current business environment has necessitated immediate action to protect business from bankruptcy.
Alarrayed continued, “It is our moral and social obligation to take prudent and mitigating action to minimize the long term effects of the pandemic downturn, and work in tandem with tenants to a common advantage.”