Coronavirus: Dubai residents, businesses to get relief from banks
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 of the on the economy. Efforts should prioritize 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.” 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).