Daijiworld Media Network - Abu Dhabi (SHP)

Abu Dhabi, Mar 23: An Abu Dhabi-based real estate developer in its portfolio waived off rents for all retail and hospitality tenants for three months.

International Capital Trading (ICT) offers to support business partners and tenants in Nation Towers on Corniche Road, United Square in Khalidiya and Cubes Park in Mussafah. Their community and residential developments include - Marasy in Al Bateen, Al Aryam on Corniche, Al Bateen Gardens, Tourist Club Area complexes in Al Zahiya and Silverwave Tower on Mina Road and St Regis and Al Raha Beach hotels.

This move has been taken considering the coronavirus outbreak in the Emirates. "These are exceptionally difficult times. We want them to feel secure and let them know that we are there for them and that we are in this together," ICT CEO Hamad Al Shamsi said.

"We have waived rents for retail and hospitality tenants across our properties for three months alongside restructuring and delaying payment plans to suit their needs. We remain committed to paying all partners and suppliers on time and without delay while continuing to monitor the situation closely and make further changes to support our tenants and suppliers when required."

Meanwhile, similar acts were carried in Sharjah, where rents for three months' were waived for all tenants in Haraj and Jubil markets, Sharjah Asset Management, the investment arm of Sharjah Government announced. In a report by Sharjah news, shops at these markets were not required to pay rent for three months either.