|16 March, 2020

Bahrain's Seef Properties creates fund to help mall tenants

Executive management to supervise the fund and set its conditions and criteria

MANAMA: Seef Properties has announced the creation of a BD1 million fund to financially support its mall tenants.

The announcement took place during a meeting yesterday by the company’s board of directors led by Seef Properties chairman Essa Najibi, while discussing latest developments related to the spread of the coronavirus, with an emphasis on its economic impact.

In light of the ongoing situation, the board also approved a set of measures with the purpose of enhancing confidence and improving the shopping environment in the malls.

The board commissioned the executive management to supervise the fund and set its conditions and criteria.

The company’s executive management has also been directed to implement precautionary controls in co-ordination with official authorities and use best practices to deal with the current situation.

In the meeting, the board discussed the means of supporting and contributing to the national campaign to combat Covid-19, in line with the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, to contain the virus in the kingdom.

Mr Najibi commented: “We owe our success to Bahrain’s wise leadership. This initiative comes within our continuous commitment to support the national steps taken in such extraordinary circumstances, and in line with the efforts dedicated by Team Bahrain, spearheaded by the Crown Prince, with the aim of combating this epidemic, which has become a true threat to the business and financial sectors in the kingdom and across the globe.”

“The current situation requires all individuals and corporations to work together to serve the national interest and to achieve the goals of the comprehensive development programme launched by His Majesty King Hamad. This initiative is derived from our national responsibility, through which we look forward to contributing to the sustainability of the retail sector in the kingdom despite the unforeseen situation.

“We are confident that we will emerge from this challenging situation stronger than before, due to the remarkable measures taken by the government to combat this disease and limit its impact on Bahrain’s economy.”

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