Construction

Coronavirus: Raza announces COVID-19 relief package for commercial tenants

Company is the real estate arm of the Saudi Public Pension Agency (PPA) and a subsidiary of Al Ra’idah Investment Company (RIC)

Raza has announced several relief measures for commercial clients in its property portfolio, in response to the spread and economic impact of COVID-19. Flexible rent payments and rent deferrals for a period of up to six months have been offered to businesses that operate in Raza’s property portfolio in the Kingdom.

According to a statement, Raza said that it is holding off from issuing any rental invoices for the period between March 1 and August 31, and that businesses will not have to pay any late payment fees during this period.

Raza CEO Waleed Aleisa noted that the move was “our commitment to partner with our tenants and their employees to help cushion the impact of coronavirus on their businesses and livelihoods.”

“The pandemic is uniquely challenging and unprecedented that puts immense pressure on managing business cash flow. While we are developing a robust stimulus package in close coordination with PPA and RIC, the interim rent relief measure enables businesses and retailers to meet the challenges ahead. At Raza, we are guided by our principles of building relationships and delivering experiences, and at times like these, we just don’t talk about the values, but we walk the talk. We are not just a landlord, but we are also a partner to our tenants,” Aleisa remarked.

The relief measures are applicable to commercial tenants in properties such as the Digital City in Riyadh, the Diplomatic Quarter, King Abdulaziz Towers, Al Dhabab Towers and Hamra Al Sharq.

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