The "Good Angel" initiative aims to support tenants directly by exempting them from rentals for a period of no less than 3 months, renewable.
The president of the "W Capital" Real Estate Brokerage Company, said that the landlords initiative to exempt from paying the values of renting commercial spaces and units for a period of three or six months that reflects the extent of their social responsibility in supporting the national economy and investors, especially since this period requires each of us to bear some of the social responsibility for our benefit And the interest of society, stressing the importance of the mitigation decision being an exemption, not a postponement of the collection of rents for a period of at least three months, subject to renewal according to new developments, provided they are proven damaged, and this is not only for commercial real estate, but also for housing.
He added that the initiative provides actual solutions that will pay off and will not harm the landlord or the tenant, but rather benefit the two parties, as the tenant exemption from 3 months helps in the first place the landlord, because leaving the tenant from the real estate unit, especially in commercial real estate, will cost the landlord twice the cost of the proposed exemption, which is three For months, the landlord will not be able to find a replacement for it at the same rental price, and the unit will remain vacant for a long time under these conditions.
He added that this initiative enhances the relationship of investors and beneficiaries with the owners in a manner that supports the achievement of the common interest and carries all the burdens imposed by the exceptional circumstances in a parallel way, pointing out that after the end of the crisis and the return of things to normal, the owners can negotiate with the tenants a slight increase in the rental value.
And Walid Al-Zarouni said, that adopting measures to support tenants by real estate owners will enhance the strategic partnership that I have developed with them over the past years in addition to their emphasis on adopting national initiatives that will support the private sector and investors