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Coronvirus: W Capital Real Estate CEO calls for developers and landlords to grant rent exemptions

CEO of W Capital Real Estate Brokerage Company says the initiative should apply to both commercial and residential real estate

Walid Al Zarouni, CEO of W Capital Real Estate Brokerage Company, has urged owners and developers in the UAE to launch an initiative (#LANDLORDSOFBENOVELENCE) to support tenants and help them overcome challenges resulting from the outbreak of COVID-19.

The move is in response to the pandemic’s impact on the economy and jobs and the persistence of many real estate managers collecting full rent or payments owed. He stated that the initiative should apply not only to commercial real estate but also residential units.

Al Zarouni’s initiative aims to directly support tenants by exempting them from rents for a period of no less than three months, considering the current conditions resulting from the COVID-19 outbreak. It also encourages owners to take a humane approach to tenants during the crisis, explained Al Zarouni.

“The landlords’ initiative to exempt tenants from paying rents for commercial areas and units for a period of three to six months, reflects their commitment to social responsibility through supporting investors and the national economy. These hard times require each of us to bear his part of the burden of a social responsibility for his own benefit and for the community’s interest as a whole,” he said.

Al Zarouni stressed the importance of the mitigation decisions and especially the exemption, not only postponing rents payment for a period of at least three months, which could be extended depending on further developments provided they are proven to be affected.

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