The UAE's biggest lender, First Abu Dhabi Bank (FAB), said it will defer payments on mortgage, personal loans and car loans for up to three months for customers who may be struggling as a result of the economic fallout of the coronavirus outbreak.
The lender also said it will defer instalments "for all loan types" for SME customers and was already working with firms to assess the impact the virus outbreak was having on cash flows with a view to supporting potential loan restructurings.
"We have taken a series of concrete and practical measures to support our individual, small business and corporate customers over the coming weeks and months as they adjust to the current situation," said FAB's chief executive, André Sayegh. "These build on the comprehensive package of economic measures taken by the authorities in the UAE and Abu Dhabi to mitigate the effects of Covid-19."
The measures announced to cushion the economic fallout from the Covid-19 outbreak include a Dh100 billion stimulus unveiled by the Central Bank of the UAE last Saturday, and separate packages tailored messages from both the Abu Dhabi government and the Dubai government that entail reduced or exempted fees for a range of services.
FAB is the second major lender to announce measures to support customers, after Abu Dhabi Commercial Bank unveiled a similar initiative on Wednesday.
Other measures announced by the bank include interest-free loans on school fee payments for parents, while first-time property buyers can reduce the down payment they'd need to buy a new home by 5 per cent.
For small businesses, it is reimbursing 50 per cent of the monthly fees on Point of Sale loan (POS) service charges.
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
The studios taking part (so far)
- Punch
- Vogue Fitness
- Sweat
- Bodytree Studio
- The Hot House
- The Room
- Inspire Sports (Ladies Only)
- Cryo
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Match info
What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
