Dubai Residents & Businesses to Get Relief from Banks Amid CoronaVirus OutbreakKWSME
Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum recently asked the local banks, especially Dubai-based ones to offer relief to businesses in Dubai, including giving them refinancing, deferrals , repayment referrals and lower repayments where required.
These measures are part of the plan devised by the Dubai government to counter the devastating impact of the CoronaVirus on the Dubai Economy.
Efforts should focus attention on key industries contributing to the UAE’S economy and are the ones that are bearing the brunt of the CoronaVirus Outbreak such as healthcare, aviation, hospitality and retail.
Furthermore, the banks of Dubai were also advised to waive-off loan repayments for three months starting from April 1 to June 30, for individuals forced to take unpaid leaves. This waiver will also be applicable for small businesses in Dubai.
The banks will also reduce the monthly minimum balance for corporate accounts to ten thousand dirhams (10,000 DH or $ 2,700). They will also offer enhanced credit and tradelines to customers so that they can manage their business’s ongoing operational costs.
In light of these events the lenders have also announced that they will also offer their support to their customers trading in the UAE stock exchange. They will present them suitable payment plans to help them maintain their trading positions. The Bank’s that are carrying out these new initiatives are Emirates NBD, Emirates Islamic, Dubai Islamic Bank, Mashreq Bank and Commercial Bank of Dubai.
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