ICT announces support to retail, hospitality tenants

In line with the UAE government and Abu Dhabi’s objectives to support the economic environment and boost financial resilience, capital based real estate developer International Capital Trading (ICT) has announced a series of initiatives aimed at supporting all tenants, partners and suppliers across its real estate portfolio.

ICT’s real estate portfolio includes mixed-use retail projects like Nation Towers, TCA & TCB, United Square and hospitality projects such as Al Raha Beach Hotel and St. Regis Abu Dhabi, to name a few.

“As a business, we want to do everything we can to help and support all our business partners and tenants during this exceptionally difficult time. We want them to feel secure in the knowledge that we are there for them and that we are in this together,” said Hamad Al Shamsi, CEO, ICT.

“Following the Abu Dhabi Government and the UAE Central Bank’s financial stimulus and thoughtful steps to support the local economy, we want to pledge our full support for these national objectives of providing relief to businesses, retailers and the hospitality sector, as well as stimulating the economy,” he added. “As a result, we have taken a number of key steps to help support our valued tenants, partners and suppliers. This includes waiving rents for retail and hospitality tenants across our properties for three months alongside restructuring and delaying payment plans to suit their needs.”

“We also remain committed to paying all partners and suppliers on time and without delay, whilst continuing to monitor the situation closely and make further changes to support our tenants and suppliers when required,” Al Shamsi concluded.