Dubai SME Announces Interest-Free Loans for Businesses Affected by Heavy Rains

It is notable that this month the United Arab Emirates (UAE) experienced its worst ever rainfall and Dubai has taken a step to provide interest-free loans to support small and medium-sized businesses affected by the recent bad weather. On Saturday, the company announced that it will also give emirati-owned small and medium enterprises grace and deferment periods on their existing debts. For example, eligible firms can get loans of up to 300,000 dirhams ($81,688) which are interest free for six to twelve months until they fix or replace damaged buildings due to Dubai SME’s special member incentive. “The country’s recent climate-related events are being addressed in partnership with our partners through various ways aimed at reducing the impact of the negative weather on our country as well as facilitating speedy recovery,” Abdul Al Janahi, who is also the managing director of Dubai Small and Medium Enterprise – a subsidiary of Ministry of Economy and Tourism in Dubai noted. The movement will “alleviate financial burden by offsetting costs of repair works as well as replacement in order to resume business operations without delays” additionally help in reviving local economy since SMEs are very instrumental in the recovery and development process of Dubai’s economy.” Affected SME members in Dubai can submit the necessary documentation to the designated Mohammed Bin Rashid Fund SME Relief Fund Committee.

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