Exemption of Jadwa REIT Al Haramain’s properties rental still applicable: Jadwa Investment

07/04/2020 Argaam

 

Jadwa Investment announced today that the exemption of rental fees for all Jadwa REIT Al Haramain Fund’s income-generating properties is still applicable.

 

The fund manager said in a bourse filing that this decision falls in line with the precautionary measures taken by the Saudi government to prevent the spread of coronavirus, including the temporary suspension of Umrah, as well as international and domestic flights.

 

The event will have a negative impact on the fund's dividends for H1 2020, however, the exact financial implication cannot be determined at present.

 

Any further developments will be announced in the due course, and the fund manager will continue looking for opportunities to lease the properties for alternative use.

 

On March 29, Jadwa Investment announced it received a notice from tenants of Tharawat Al Taqwa Hotel and Pharmacy Building, the two properties owned by the REIT, to temporarily suspend lease contracts until the authorities lift the suspension, Argaam reported.

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