Dubai, Middle Eastern News: Banks to Offer Relief Amid Virus - Bloomberg:
Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum asked local banks to offer companies relief measures including refinancing and repayment referrals, amid measures aimed to stifle the impact of the coronavirus on the economy.
Relief measures should prioritize key industries contributing to the Gulf nation’s economy and sectors most impacted by the coronavirus such as health care, 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.”
From April 1 until June 30, Dubai-based banks will waive loan repayments for three months for individuals forced to take unpaid leave and small businesses. Also, the banks will reduce the minimum monthly balance for business accounts to 10,000 dirhams ($2,700).
Banks implementing those initiatives are Emirates NBD, Emirates Islamic, Dubai Islamic Bank, Mashreq Bank and Commercial Bank of Dubai.
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