UAE's major firms announce relief packages for SMEs
18 Mar 2020
The UAE's major companies also stepped forward on Tuesday to ease pressure on their private sector clients in line with government measures announced earlier this week and offset impact of coronavirus.
Dubai Holding, Meraas and Aldar Properties on Tuesday announced over Dh5 billion support in the form of waiving off fees, monthly payment rentals and prompt payments to customers to ensure cash flow in the supply chain.
Dubai Holding and Meraas announced over Dh1 billion relief package for its existing business partners.
"We have directed our teams at Dubai Holding and Meraas to ensure that we provide relief to those impacted customers whether they are companies or individuals by the outbreak of Covid-19. We believe that it is our social and economic responsibility to stand with affected partners during such unprecedented times," said Sheikh Ahmed bin Saeed Al Maktoum, chairman of Dubai Holding and Meraas.
The two major groups have established task forces to look at the specific requirements on a case-by-case basis to ensure that sufficient economic relief and support is made available.
Earlier this week, the UAE Central Bank announced Dh100 billion stimulus package to support banks and other private sector entities. Dubai government also announced Dh1.5 billion relief package by waiving off fees and other measures. While Abu Dhabi announced Dh5 billion package under its Ghadan-21 initiative to provide relief to businesses in emirate.
Abu Dhabi's largest developer Aldar Properties also announced Dh100 million package to provide relief to tenants, customers and partners against coronavirus and allocated Dh4 billion towards prompt payment of supply chain commitments in 2020.
"The schemes we are launching today will help ensure that we emerge from this period together in a position of strength and resilience. The underlying fundamentals of our market remain uniquely sound and we believe that we have the resources to see ourselves through the coming period," said Talal Al Dhiyebi, CEO of Aldar.
Measures announced by Aldar include monthly payment plan for its tenants; Dh50 million support to its retail partners; monthly fee payment plan for Aldar Education; subsidized financial to existing customers and new homeowners; waiving all administrative fees, transfer fees and late payment fees applicable during 2020; and discounts for maintenance and disinfection services at homes and offices throughout the upcoming period.