Over 321K benefit t from Dh100B stimulus scheme e

dubai — The Central Bank of the UAE said on Thursday its wide-ranging stimulus package, the Targeted Economic Support Scheme (Tess), had directly impacted to date more than 321,000 beneficiaries including 310,000 distressed residents, 1,500 companies and 10,000 small and medium enterprises.

Tess, the Dh100 billion stimulus package announced on March 15, is a part of the UAE government’s overarching efforts to mitigate the impacts of the pandemic. It includes Dh50 billion of zerointerest, collateralised loans for UAE-based banks and also Dh50 billion funds freed up from banks’ capital buffers.

Governor Abdulhamid M. Saeed Alahmadi said the central bank directives by His Highness Sheikh Mohamed bin Zayed Al Nahyan,

Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Frontline Heroes Office, to support the national economy and financial system during the Covid-19 crisis had an incredible impact on the current economic recovery.

“I would like to express my sincerest gratitude to His Highness for the Frontline Heroes Office’s recognition of the central bank’s efforts in maintaining the stability of the UAE’s national economy and financial system during the prolonged period of the Covid-19 crisis,” said Alahmadi.

The governor also acknowledged the efforts of Sheikh Sultan bin Tahnoun Al Nahyan, Chairman of the Board of Directors of the Frontline Heroes Office, in collaborating with the central bank to overcome this crisis and reduce its social and economic outcomes.

Distressed residents aided by Tess

44 854

Plots and

Apartments and villas were sold during the week ending November 5