Saudi Arabia has seen at least four shopping malls granting a rent reprieve to retailers and other tenants due to coronavirus, Zawya reports.

Swicorp, the fund manager of Swicorp Wabel Real Estate Investment Traded Fund (REIT), said on April 14 it has decided to exempt merchants at its four commercial venues from paying rent for the period from March 17 to April 30, or until the establishments are allowed to reopen.

The decision will benefit “certain eligible” tenants that are “most affected” by the disruption in business, according to Swicorp.

In March, Saudi Arabia ordered to shut all shopping malls nationwide until further notice to help curb the spread of coronavirus.

Tenants with shops still open, including pharmacies and supermarkets, are excluded from the rent-free offer, Swicorp noted.

The tenants who will enjoy zero rent are located in Al Makan Mall Hafr Al Batin, Al Makan Mall Riyadh, Al Makan Mall Tabuk and Al Makan Mall AlDawadmi.

“The [company’s] business is expected to be negatively affected as a result,” it added.