Amlak Continues To Support Tenants And Exempts Them From Paying Rent During Closure Period
Amlak, the real estate investment arm and wholly-owned subsidiary of the Social Insurance Organization (SIO), announced that it will be supporting tenants who have stopped their commercial activities, as directed by the government, by exempting them from paying rent during the closure period. This comes in line with the Royal directives, as part of a series of initiatives launched by the government and the encouragement of the private sector to support business owners in the same spirit of community solidarity.
Amlak continuously aims to contribute towards promoting a healthy economic environment and achieving economic stability within the local market while helping to minimize the losses incurred by affected businesses impacted by the pandemic.
Chief Executive of Amlak, Yusuf Althawadi, said, “Firstly we value and appreciate the Royal directives of His Majesty King Hamad bin Isa Al Khalifa, may God protect him, and would also like to commend the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, following the implementation of relief measures to support sectors which have been affected by the pandemic.”
“In order to maintain the value of the real estate investments managed by Amlak, it is our priority to establish sustainable relationships with our tenants and ensure we provide the necessary support to those affected, while preserving the investments of the Social Insurance Organization. We are committed to adhering to the government’s directives and extending our support in accordance with the decisions issued,” he added.
Last year, Amlak established the Half a Million Support Fund, which aimed to support financially-affected tenants by providing multiple relief programs for eligible beneficiaries.
Amlak Finance PJSC is a leading specialized real estate financier in the Middle East. Since its establishment in November 2000 as the region’s pioneer financial services provider, it has provided its customers with innovative, Sharia-compliant property financing products and solutions designed to meet the rapidly evolving market demands.
It was first established as a private shareholding company in Dubai, United Arab Emirates, in accordance with UAE Federal Law. In 2004, it was converted to a Public Joint Stock Company.