Ras Al Khaimah-based developer Al Hamra has unveiled an economic relief package to aid its mall tenants, owners, and residents during the ongoing coronavirus pandemic to support business continuity and economic stability.

The developer has stated that the announcement is in line with the UAE Government and Ras Al Khaimah’s objective to support economic environment and boost financial stability. As part of its relief package, the developer said that dedicated teams have been deployed to assess the specific requirements of various businesses and individuals.

Its initiatives include up to three months rental relief, a reduction in cooling consumption charges, deferral of fees, waiver of penalties on payment delays and payment due date extensions.

Benoy Kurien, group CEO of Al Hamra, said: “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.”

“Our initiatives aim to support business continuity by offsetting some of the impact, and to promote the welfare of the community,” he added.

Including this, the total value of stimulus packages introduced y the UAE since the COVID-19 outbreak has amounted to $34 billion.