As regional tensions escalated, concerns were not limited to the oil market and flights; financial pressure on families and businesses quickly became apparent. Now, the Central Bank of the UAE states that over 65,000 individuals and companies in the country have benefited from a special support package during the crisis.

According to official statistics, this 6.2 billion dirham package has so far assisted over 60,000 individuals, 4,335 small and medium-sized enterprises, and 485 large companies; support that includes loan installment deferrals, waiving interest and fees, and continued access to financial facilities.

This program was approved in March, coinciding with the escalation of regional conflict between the USA, Israel, and Iran, to alleviate economic pressure on residents and the private sector in the UAE.

The highest utilization of these supports has been related to companies in the transportation, hospitality, and entertainment sectors; areas that were affected by regional tensions more quickly than others.

The Central Bank has announced that individuals and companies impacted by recent conditions can apply for payment deferrals for up to six months without needing a minimum loan amount, without being classified as delinquent borrowers.

Alongside the Central Bank, several major banks in the UAE have also launched separate programs. Dubai Islamic Bank has enabled around 25,000 customers to defer installments and waive some fees, while Emirates NBD has offered plans such as zero percent interest credit card debt transfers and waiving loan deferral fees.

Banks like Abu Dhabi Islamic Bank, FAB, and Ajman Bank have also introduced special support packages for frontline workers, small business owners, and families.

Despite these conditions, new data from the Central Bank shows that the banking system in the UAE continues to grow, with increases in assets, loans, and bank deposits in recent months.

Source: Gulf Times