Fatigue will ease, financial sector will boom; Yusuf Ali welcomed the financial package

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The country’s salute to the UAE central bank’s Dh10 billion financial stimulus plan to hand over the companies and financial institutions affected by the Abu Dhabi i Covid crisis. The market is expected to be robust at the appropriate timely intervention. The trade community also praised the move. The industry world hopes that this will help mitigate the losses caused by Covid.

Benefits of the project

കുറച്ചു Reduced debit / credit card fees

ഫ The fee charged on bank transactions was waived for 6 months.

സ്വകാര്യ Non-repayment of loan amount and interest for 6 months for private sector entities with Covid financial crisis.

കുറഞ്ഞ The Minimum Balance limit for small companies has been reduced to Dh10,000.

ട്ടി Increased credit limit for SMEs.

ബാങ്ക് Open new bank account to small companies within 2 days

∙ Increased basic capital capacity and empowered banks and financial institutions to lend.

കോ Dh5,000 crore in stimulus scheme to cover banks’ interest free loans

പരിധി Increased loan limit on asset value increased by 5%.

തോ By increasing the payable housing loan limit from 20 percent to 30 percent, banks can lend more.

Saudi announces Rs 5k cr project

The Saudi Arabian Monetary Authority (SAMA) has announced a financial stimulus program worth R5,000 crore to reduce the impact on the private sector due to the spread of Riyadh i Kovid 19. “We aim to accelerate the growth of small and medium enterprises by providing them with six months of credit repayment, interest-free loans and deductions for due process fees,” Sama said. 3000 crore to cover the losses incurred by the bank and financial institutions during the extended repayment period. 1320 crores will be given for providing loans for the maintenance of livelihoods without interruption. 600 crores has been sanctioned to banks and financial institutions to avoid the loan process of SMEs. SAMA will pay a fee of 3 months for procurement center of private sector institutions. 80 crores has been earmarked for this. He said he would work with banks and other financial institutions to ensure credit security. Sama expressed optimism that such interventions were being carried out in Makkah and Medina and that small and medium enterprises and banks could overcome the challenges.

Awakening: Yusufali




ma-yousuf-ali

The Central Bank’s Dh10 billion financial package is arousing investor confidence as the UAE takes stern action against various sectors and the economy. MAU Yusufali, Chairman of Lulu Group, said:

Will change: Dr. Azad Elder




Azad_Moopen

The Dh150 billion package announced by Dubai’s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum in the face of Covid’s challenge will make a major difference in the commercial and industrial sectors. It can attract more people in the tourism and trade sectors. Declining prices of essential commodities will also bring relief to the common man. The Azad DM Healthcare Founder Chairman and MD Dr Asad Eppen said the package, which aims to keep the economy from recession, will also benefit the import and re-export sector.



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