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RAK Properties launches an initiative to support investors in its projects

Ras Al-Khaimah -24th March-2020

To reduce the financial repercussions caused by the outbreak of COVID-19

In line with its national and social responsibility, RAK Properties announced an initiative which aligns with the government’s efforts to support all the investors and stakeholders in the long term. It includes a three month exemption from rental payments for its tenants in Mina Al Arab and Julphar Towers projects.

Mr. Mohammed Sultan Al Qadi, Managing Director of RAK Properties, emphasised that this move comes as a response to the repercussions caused the COVID-19 pandemic, which calls for solidarity in facing and overcoming the epidemic, and participating in nationwide efforts aimed at safeguarding the health and lives of citizens and residents.

Al Qadi said: “As part of its commitment to driving economic growth in the region, RAK Properties has decided to provide assistance and support to investors and retail tenants during this critical period, and are encouraging them to stay at home to preserve public health.”

He added that despite being a leading tourism destination on the Ras Al Khaimah shoreline, Mina Al Arab is expecting to witness a substantial decline in the number of tourists and visitors.”We understand that cafes, restaurants and retail stores across the property will see a decrease in foot fall during this period, hence we will try our best to lend support to all the affected tenants, in order to reduce the economic burden they may suffer,” he said.

Julphar Towers are among RAK Properties’ landmark developments and destination of choice for companies wishing to base their businesses in Ras Al Khaimah. The twin towers are connected by a shared three-storey podium that houses retail outlets and restaurants. Therefore, we are committed to support them during the current circumstances”.

He added that the company management will communicate with tenants to notify them about the necessary procedures and ways to benefit from these facilities. “The company has taken the necessary actions including the implementation of the highest safety and security measures at its residential communities and commercial towers, in response to the guidelines put forward by the concerned authorities in the country,” he concluded.