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Tenants at Al Kout Mall, Souq Al Kout exempt from rent during lockdown

Tenants at Al Kout Mall, Souq Al Kout exempt from rent during lockdown
Al Kout Mall
TAM
TAM
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Mubasher: Tamdeen Real Estate alongside its subsidiary, Manshar Real Estate, decided to exempt tenants and investors at Souq Al Kout and Al Kout Mall from paying rent for the period of the closure in line with the directives of the government.

The move is in light of the current local and global circumstances due to the coronavirus (COVID-19) outbreak, according to a statement to Boursa Kuwait on Wednesday.

In addition, the tenants will be granted a temporary rent reduction by 40% starting from the reopening date until 31 December 2020 in an attempt to combat the repercussions of business closure.

Tamdeen added that the impact of the said exemption is negative and cannot be determined at the moment.

It is worth noting that during the fiscal year (FY) 2019, Tamdeen reported an annual increase in net profits by 40.2% at KWD 7.62 million, compared to KWD 5.43 million.