Dubai banks to offer virus relief to companies, individuals

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 coronavirus on the economy.

Efforts 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 for small businesses. The banks will also reduce the minimum monthly balance for business accounts to Dhs10,000 ($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 installment 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.