Makkah Construction exempts tenants from rent for six months

The move aims to support the centre’s tenants amidst the coronavirus pandemic crisis

  
People are seen walking in the Mall of Dhahran, Saudi Arabia, December 17, 2018. REUTERS/Hamad I Mohammed . Image used for illustrative purpose

People are seen walking in the Mall of Dhahran, Saudi Arabia, December 17, 2018. REUTERS/Hamad I Mohammed . Image used for illustrative purpose

Riyadh –  Makkah Construction and Development Company’s board approved by circulation exempting tenants at the company’s shopping centre from rental fees for a period of six months.

The move aims to support the centre’s tenants amidst the coronavirus pandemic crisis, which had a direct impact on their revenue due to travel halt and temporary suspension of Umrah and visitor visas, according to a bourse filing on Thursday.

Moreover, the decision will have a material effect on Makkah Construction’s financial statements, the firm said, adding that it will provide any relevant details in due course.

In the second quarter (Q2) of the year, Makkah Construction turned to losses of SAR 25 million, versus net profits of SAR 87 million in the corresponding period in 2019.

Source: Mubasher

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