Raza, the real estate arm of the Saudi Public Pension Agency (PPA) and a subsidiary of Al Ra’idah Investment Company (RIC), has announced a slew of relief measures for commercial clients within its property portfolio to help them tide over the crisis triggered by the Covid-19 pandemic.
These include flexible rent payments and rent deferrals for a period of up to six months, that will benefits businesses that operate in Raza’s property portfolio across Saudi Arabia.
In a major move, Raza has announced that it is holding off from issuing any rental invoices to businesses for the period between March 1 and August 31, and they will not have to pay any late payment fees during this period.
The relief measures are applicable to commercial tenants in a number of properties including Digital City in Riyadh, a 450,000 sqm development that is home to some of the largest private sector and government organisations such as PIF, Qiddiya, and Red Sea Group, among others.
Business establishments operating in other properties that can avail the rent relief programme include the Diplomatic Quarter; King Abdulaziz Towers; Al Dhabab Towers; and Hamra Al Sharq.
CEO Waleed Aleisa described the measures as “our commitment to partner with our tenants and their employees to help cushion the impact of coronavirus on their businesses and livelihoods.”
“The pandemic is uniquely challenging and unprecedented that puts immense pressure on managing business cash flow. While we are developing a robust stimulus package in close coordination with PPA and RIC, the interim rent relief measure enables businesses and retailers to meet the challenges ahead,” stated Aleisa.
“At Raza, we are guided by our principles of building relationships and delivering experiences, and at times like these, we just don’t talk about the values, but we walk the talk. We are not just a landlord, but we are also a partner to our tenants,” he added.-TradeArabia News Service