Picture used for illustrative purpose only.
The Board of Directors of the Central Bank of the UAE (CBUAE) held their fifth meeting this year via Video Conference recently. The meeting took place under the chairmanship of Hareb Masood Al Darmaki, Chairman of the Board.
The meeting was attended by Abdulrahman Saleh Al Saleh, Deputy Chairman of the Board and Abdulhamid Saeed the Governor, and Board members including: Younis Haji Al Khoori, Khaled Mohammed Salem Balama, Khalid Ahmad Al Tayer and Ali Mohammed Al Madawi Al Remeithi, and a group of senior CBUAE employees.
The Board reviewed a report on the utilization of the Targeted Economic Support Scheme (TESS) from the allocated Dhs50 billion TESS liquidity facility and its utilization for deferrals of loans requested by customers affected by the consequences of Covid-19 pandemic.
The Board also took note of a report highlighting an overview of the banking system surveillance. The Board instructed the publication of the report on the Central Bank of the UAE website.
The Board has also approved a request from the Ministry of Finance to activate the services of the future system of the e-Dirham “E11” Wallet Scheme and obtaining a Payment Service Provider license.
The Board completed the discussion of the remaining topics listed on its agenda, as well as any other new topics, and took appropriate decisions.
The Central Bank of the UAE and Abu Dhabi Global Market have announced recently that they will collaborate, jointly host, and organise the fourth annual FinTech Abu Dhabi Festival, FinTech Abu Dhabi, which will be held from 24th - 26th November, 2020.
The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.6 per cent, climbing from Dhs2958.6 billion at the end of June 2019 to Dhs2975.8 billion at the end of July 2019.
The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.3 per cent, increasing from Dhs2,975.8 billion at the end of July 2019, to Dhs2,983.4 billion at the end of August 2019.
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.
The US economy unexpectedly added jobs in May after suffering record losses in the prior month, offering the clearest signal yet that the downturn triggered by the COVID-19 pandemic was probably over, though the road to recovery could be long.
Canadian plane and train maker Bombardier said on Friday it would cut 2,500 jobs, or about 11% of the workforce at its aviation unit, as the coronavirus pandemic’s crushing impact on the air industry adds to its long list of problems.
The COVID-19 pandemic has introduced unique market pressures and challenges across industrial sectors. In the context of the real estate industry in the UAE, the crisis interrupted a process of steadily building renewed growth.
Germany has become the second major European Union (EU) economy to use a multi-billion-euro recovery plan to spur clean driving, with incentives for electric cars that should boost Volkswagen (VW) and Tesla, while polluting sport utility vehicles (SUVs) face higher taxes.