The Representative Committee of the Real Estate Sector Business Group of the Sharjah Chamber of Commerce and Industry has called on property owners in Sharjah to adopt the approach taken by Sharjah government in delaying rent payments of those affected by the spread of especially in the case of commercial properties. It explained that Such procedures would help tenants and business owners maintain their businesses, in light of the global economic consequences due to the COVID-19 pandemic.
This was stated during the virtual meeting headed by Saeed Ghanem Al Suwaidi, Chairman of the Representative Committee of the Real Estate Sector Business Group. Those at the meeting also discussed the possibility of rescheduling rental payments, implementing exemptions in specific cases, and the possibility of introducing online technologies while collecting payments.
Al Suwaidi commended the wise directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, in offering an economic stimulus package that would help enhance the capabilities of companies and alleviate their financial burdens, thus ensuring their businesses run smoothly. He also praised the precautionary and preventive measures taken by SCCI to contain the spread of COVID-19.
He reiterated the fact that property owners are an integral part of any society they operate in and have to take into account the global economic repercussions in combating COVID-19.
Among the recommendations made during the meeting were communicating with departments concerned and banks to postpone the installments of tenants, and find financing solutions for them. In addition, the meeting highlighted the importance of coming up with innovative mechanisms to solve the issues of those having trouble paying rent, as well as to examine the role of the real estate sector in securing support for government and private agencies, in light of the current circumstances and in case of any updates that might arise.