The Central Bank of the UAE (CBUAE) is urging banks to process more applications for relief from customers who have been financially-impacted by the COVID-19 pandemic.
In its role of safeguarding consumers, the CBUAE has established the Targeted Economic Support Scheme (TESS) which requires lenders to postpone loan payments for individuals, SMEs and other private sector companies affected by the repercussions of the COVID-19 pandemic.
The CBUAE says banks are expected to have sound lending standards and treat all their customers fairly.
TESS will be in operation until the end of the year.
The Central Bank also announced gross bank assets for March 2020 had reached AED3.128 trillion, a growth of 1.1 percent from the previous month.
According to a statement from the Central Bank total bank deposits registered an increase of AED23.8 billion, adding that the increase was attributable to a AED15.6 billion increase in 'Resident Deposits' and AED8.2 billion increase in 'Non-Resident Deposits'.
Air Arabia has announced the expansion of operations from Ras Al Khaimah with the launch of a new route connecting Ras Al Khaimah International Airport with Moscow Domodedovo International Airport.
The UAE Media Council has announced that the cinema sector generated AED 517 million in revenue during the first eight months of this year, attracting around 11 million cinema visits.
Elon Musk's SpaceX plans to invest $1.5 billion (AED 5.5 billion) in Vietnam in the near future, the government of the Communist-run nation said on Thursday, which could help resolve a stalemate over the launch of its Starlink satellite services there.
The UAE and New Zealand concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA), it was announced on Thursday. The deal is expected to unlock economic opportunities for exporters and boost supply chains with one of the latter's most important trading partners in the Middle East.
Boeing and its largest union will resume contract talks on Friday in a bid to end a strike that has throttled plane production and hammered the finances of the aerospace giant, the union and company said on Wednesday.