Amid Dubai business news, Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum asked local banks to offer companies relief, including refinancing and repayment referrals, as part of measures aimed to limit the impact on the economy.
Efforts should prioritise key industries contributing to the Gulf nation’s economy and sectors most impacted by the coronavirus such as healthcare, aviation, hospitality and retail, according to a statement sent by the Dubai Media Office. Measures include “offering refinancing, repayment deferrals or lower repayments where required.”
Dubai business news
From April 1 until June 30, Dubai-based banks will waive loan repayments for three months for individuals forced to take unpaid leave and for small businesses. The banks will also reduce the minimum monthly balance for business accounts to 10,000 dirhams ($2,700).
The banks will also provide customers with enhanced credit and trade lines to manage ongoing operational costs.
The lenders have announced support for customers trading in the UAE stock exchange by offering suitable instalment payment plans against additional collateral to help them maintain their margin trading positions.
Banks implementing those initiatives are Emirates NBD, Emirates Islamic, Dubai Islamic Bank, Mashreq Bank and Commercial Bank of Dubai.
Donations from the businessmen
In these testing times, the things we can flexibility to solace from is the community coming together in therefore many ways and the amazing donations from Dubai matter people in maintenance of the city.
From Saturday nights balcony maintenance for healthcare workers to donations from the country’s wealthiest and banks to loan new healthcare facilities and to find the portion for support to situation owners.
The UAE‘s Ministry of Energy and Industry has activated a detached stroke system for its employees. As a precautionary play a role together surrounded by the coronavirus pandemic, the ministry has announced.
In a tweet, the ministry said that its facilities would yet be roomy through its qualified website. By emailing email@example.com, or by dialing its toll arbitrate not a guilty number at 8006634.
Around the UAE government entities and private companies have increasingly activated plans for unfriendly pretense. To engagement the augment of the coronavirus.
Working from home
Earlier in March. The UAE announced that it was activating its cold appearance in system for federal employees. For an extendable two weeks times from Sunday, March 15.
They have launched similar initiatives for dispensation employees across the country, including both Dubai and Abu Dhabi.
Many private companies have furthermore sent their employees to accomplish from quarters.
Dubai’s Emaar, for example, announced regarding Saturday that all employees would be vivacious from residence from Monday, March 23.