Abu Dhabi’s International Capital Trading (ICT) has announced a number of measures to support its hospitality tenants, partners and suppliers. In line with directives from the UAE government and Abu Dhabi authorities, ICT will elevate some of the pressures put on businesses in these difficult times.
ICT will waive three months of rental fees for all its retail and hospitality tenants, as well as delaying and restructuring payment plans.
“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 ICT CEO, Hamad Al Shamsi.
The CEO added: “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.”Within ICT’s hospitality portfolio is the St. Regis Abu Dhabi in the Nation Tower and the Al Raha Beach Hotel.