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Ras Al Khaimah: Al Hamra, the leading real estate developer, services provider and investment company in the Northern Emirates, has created an economic relief package which includes several initiatives to help ease the financial burden of its valued 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 initiatives include up to 3 months rental relief, reduction in cooling consumption charges, deferral of fees, waiver of payment delay penalties and payment due date extensions.
Dedicated teams have been deployed to assess specific requirements of various businesses and individuals to provide economic relief and support. The tasked force is also reassessing cost-effectiveness of operations in order to pass on the benefit to the end users and customers.
Benoy Kurien, Group CEO of Al Hamra, 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.
“We understand the predicament faced by all and the impact of the Coronavirus outbreak on our economy. During these unprecedented times, we, are more committed than ever to stand firmly by our valued partners and customers. 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. We will continue to support the government, our customers and partners in all ways possible to overcome this challenging situation together.”
As Ras Al Khaimah’s leading developer and integrated lifestyle provider, 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.
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About Al Hamra:
Al Hamra is a Ras Al Khaimah based real estate development and investment company. The group is focused on providing premier lifestyle real estate developments, while investing in hospitality and leisure segments. In line with the Emirate’s growth, Al Hamra has been instrumental in shaping the real estate landscape in the Emirate since its formation in 2003. The company is committed to reimagining life and hospitality through the friendly and safe environment Al Hamra Village has developed while also capitalising on the close proximity to Dubai, just 40 mins away, the financial benefits, the airport and the free-trade zones.
Entities under the Al Hamra brand name include; Al Hamra Golf Club, Al Hamra Marina & Yacht Club, Al Hamra Mall, Manar Mall, the multi-award-winning Al Hamra Village and Al Hamra Real Estate Development. Al Hamra is also the developer of Waldorf Astoria Ras Al Khaimah, Hilton Al Hamra Beach & Golf Resort and Ritz-Carlton Ras Al Khaimah, Al Hamra Beach. Follow Al Hamra on Instagram, Twitter, Facebook and LinkedIn for more updates.
About Ras Al Khaimah:
Ras Al Khaimah (RAK) is the northernmost of the seven Emirates that make up the United Arab Emirates. It is known for its rich history, dating back 7,000 years, and diverse landscape, from 64km of pristine beaches, to terracotta deserts and an imposing mountain backdrop. The Emirate is home to the highest peak in the UAE, Jebel Jais, which features the world’s longest zip line, at almost 3km.
Ras Al Khaimah is also centrally located at the modern crossroad between Europe, Asia and Africa, with one third of the world’s population within four hour’s flying time, making it an ideal location for businesses to expand into the UAE, the Middle East and Africa and beyond. Indeed, the World Bank’s Doing Business report ranks Ras Al Khaimah 30th out of 190 economies for ease of doing business.
At the Emirate's economic heart lies multiple major companies and diverse sectoral interests, including manufacturing and tourism. Major companies include: RAK Ceramics, RAKBANK, Julphar Pharmaceuticals, RAK Ports, RAK Rock, Stevin Rock, RAK Economic Zone, RAK Gas. Supporting these industries is a modern infrastructure, state-of-the-art industrial areas and business parks and world-class hotels, facilities and attractions for tourists.
For the past decade, Ras Al Khaimah has been consistently rated ‘A’ by Fitch and Standard & Poor’s rating agencies and already the Emirate is home to more than 38,000 businesses from 100 countries representing over 50 industries. RAK Courts is also the fastest court in the world at enforcing contracts in commercial disputes. www.rakmediaoffice.ae | Facebook | Twitter | Instagram | LinkedIn | YouTube
Media Contacts:
Mohini Parmar | Stacy Fernandes
ASDA'A BCW
+9714 4507 600
mohini.parmar@bcw-global.com
stacy.fernandes@bcw-global.com
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