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.
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.
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
Under the directives of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Dubai has launched its third stimulus package to ease the impact of the COVID-19 crisis on businesses.
The United Arab Emirates has been ranked first in the GCC, Arab region, and Western Asia, and 8th globally in the Online Service Index (OSI), issued by the United Nations within the E-Government Development Index (EGDI).
The Ministry of Economy of the United Arab Emirates and the China Council for the Promotion of International Trade (CCPIT), will together host the first China-UAE Economic and Trade Digital Expo,