The Real Estate Union confirmed that the real estate sector is affected by the current crisis, and it was clearly and tangibly affected by the decision of the Council of Ministers issued on March 14, 2020 to close all commercial complexes and shopping centers and imposed a partial lockdown, and other real estate sectors were also affected due to business confusion and instability due to this pandemic.
The union stressed that the next stage is very sensitive and requires solidarity and cooperation between landlords and tenants, stressing the need for all parties to understand the circumstances of each party and strike a balance between all, taking into account the principle of common interest and sacrifice to ensure that this crisis passes with the least possible damage and the continuation of the rental relationship.
In the long term, the property owner must understand the conditions of the affected tenant and take them into consideration, and the tenant must cooperate with the property owner to reach a fair settlement and on a temporary basis, until the end of the crisis and try to resolve any dispute by mutual consent. The union also confirmed that it is confident that the government, the Central Bank of Kuwait and the banking sector will not hesitate to take all measures to help the real estate sector to overcome this crisis.
The union commends the various government decisions taken in order to preserve the national economy and mitigate the severity of this crisis, which has cast a shadow over all economic sectors without exception, and for the clear and tangible role of the Economic Committee in the Council of Ministers, as well as the Economic Stimulation Committee headed by the Governor of the Central Bank of Kuwait in order to search for the best possible and realistic solutions to extricate the economy from the effects of this crisis and maintain its stability, and thanks to the Kuwaiti National Assembly and the Supreme Judicial Council for all their efforts.