The Representative Committee of the Real Estate Sector Business Group of the Sharjah Chamber of Commerce & Industry, (SCCI), has called on the property owners in the Emirate of Sharjah to adopt the same approach of Sharjah government in terms of delaying the rent payments for those who were affected by the spread of the novel coronavirus (COVID-19), especially for commercial properties.

Such procedures would help enable tenants and business owners to maintain their businesses, in light of the global economic consequences due to the COVID-19 pandemic.

This was stated during the virtual meeting headed by Saeed Ghanem Al Suwaidi, Chairman of the Representative Committee of the Real Estate Sector Business Group. The meeting also discussed the possibility of rescheduling the rental payments, implementing exemptions in specific cases, and the possibility of introducing online technologies in collecting the payments.

Saeed Ghanem Al Suwaidi lauded the wise directives of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah in terms of granting an economic stimulus package that would help enhance capabilities of companies and alleviate their financial burdens, thus keeping their business running smoothly.

Al Suwaidi also valued the precautionary and preventive measures taken by the SCCI to contain the spread of COVID-19, stressing that property owners are an integral part of any society they work in and they have to take into account the global economic repercussions in combating COVID-19.

The property owners should take part in the government initiatives aimed at reviving the economy since cooperation and solidarity between all community members are the only way to maintain businesses and to get through this critical stage,” he concluded.

Among the recommendations of the meeting is the communication with concerned departments and banks to postpone the installments of the tenants and to find financing solutions for them.

In addition, the meeting highlighted the importance of coming up with innovative mechanisms to solve the issue of those having troubles in rental payments, as well as to examine the role of the real estate sector in securing support for the government and private agencies, in light of the current circumstances and in case of any updates that may arise.

Meanwhile, First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has launched a new service for managing Virtual General Assembly Meetings (GAM) and has conducted the UAE’s first fully virtual GAM.

The Virtual GAM service is aligned with preventive measures introduced by the UAE Government to reduce health risks associated with COVID-19. The Securities and Commodities Authority and the Ministry of Economy of the UAE issued directives prohibiting companies from hosting large physical GAMs, encouraging them to adopt virtual technologies instead. In response, FAB is offering companies its state-of-the-art online Virtual GAM solution. To date, six virtual GAMs have been successfully conducted for companies across the UAE.

Through this service, shareholders can register their attendance online via a secured platform participating remotely in the meeting and vote on the agenda items. In addition to ensuring attendees’ safety, the service enhances corporate governance and shareholder engagement by offering interactive tools to track live voting and enable participants to raise live questions.

Virtual GAMs also contribute to reducing operational and logistical costs associated with physical meetings, including the cost of printing, postage, venue, F&B and transport.

Andy Cairns, Head of Global Corporate Finance, FAB, said: “As a leader in Securities Services, hosting general assembly meetings virtually is one of the many innovative ways FAB is supporting UAE government, regulators and our clients to ensure business continuity during this challenging time of COVID-19”.

FAB, the UAE’s largest bank and one of the world’s largest and safest institutions, offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.

Headquartered in Abu Dhabi in Khalifa Business Park, the bank’s international network spans five continents, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.

WAM/ Agencies