Edamah Waives Rent for the Month of March for all its F&B and Retail Tenants

Press release
Published March 17th, 2020 - 05:34 GMT
Edamah Waives Rent for the Month of March for all its F&B and Retail Tenants
Amin Alarrayed_CEO Edamah
Highlights
Edamah announced that it has issued a waiver for all its Food and Beverage (F&B) and Retail tenants under Edamah’s portfolio for the month of March.

In response to the Global COVID-19 pandemic and as an empathetic gesture of goodwill towards their tenants , Bahrain Real Estate Investment Company (Edamah), the real estate investment arm of the Kingdom's sovereign wealth fund, announced that it has issued a waiver for all its Food and Beverage (F&B) and Retail tenants under Edamah’s portfolio for the month of March.

Chief Executive Officer (CEO) of Edamah, Mr. Amin Alarrayed, said, “We see it as our duty at Edamah to work alongside our tenants to offer much needed support during this difficult time. For this reason, and as a gesture of goodwill, be are issuing a one-month moratorium on the rents of our F&B and retail tenants, to mitigate any business downturn. We will be closely monitoring the situation and want to reassure our tenants that their continued success is of the utmost importance to us. As such, we will reappraise the situation after this period with the business health of our F&B tenants in mind.”

Edamah is maintaining its commitment to serve its tenants, implementing measures to minimize the adverse business effects of the COVID-19 pandemic, which particularly affect the F&B and Retail sectors, and will reappraise the situation in due course.

Commenting in response to the announcement that  rent would be temporarily waived, one tenant of Edamah said, “Given the scenario we are facing, we deeply appreciate this gesture extended by Edamah and are relieved, as this will be a great help in maintaining the health of our business during this period.”

Background Information

Edamah

Bahrain Real Estate Investment Company (Edamah) is the real-estate arm of the sovereign wealth fund of the Kingdom of Bahrain. Incorporated in 2006 to manage and expand an assorted portfolio of real-estate in Bahrain, Edamah has established itself as one of the Kingdom’s leading property developers. With an unwavering commitment to its founding principles of quality, efficiency and sustainability, and in line with the highest standards of transparency and corporate governance, Edamah strives to transform the Kingdom’s diverse and dynamic property sector. Edamah’s portfolio will also include projects in the leisure and entertainment and industrial sectors.

 

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