Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi. Reuters
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
Under the new law, legal action may not be taken against debtors if they invoke their insolvency status and begin the process of restructuring their debt.
First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, is implementing a series of additional financial relief measures to support customers during the current COVID-19
Abu Dhabi’s main stocks index was up 7.23 per cent to 3,915 points on Wednesday, driven by gains at some of the blue chips, specially powerhouse banking stocks, with DFM’s General Index following suit, and closing 6.42 per cent high at 1,823.
World stock markets enjoyed a second day of sharp gains on Tuesday as signs of progress against the coronavirus in both Europe and the United States and some more liberal helpings of stimulus kept investors charging back in.
The Dubai Financial Services Authority (DFSA) announced on Tuesday a number of initiatives aimed to provide significant assistance and regulatory relief to the Dubai International Financial Centre’s (DIFC) financial services community.
Indian refiners are likely to continue prompt export of refined fuels for at least another two weeks to avoid a complete shutdown after the coronavirus lockdown hit local demand, company officials said.