UAE lenders have tapped 60 per cent of a Dh50bn Targeted Economic Support Scheme (Tess) facility to help businesses and individuals through the Covid-19 outbreak, the Central Bank of the UAE said on Thursday.
The regulator said it “welcomes banks’ active utilisation of allocated funds”, which equates to Dh30bn and has doubled within a week, as lenders look to support customers affected by the Covid-19 pandemic.
“In our efforts to protect impacted individuals and ensure continuous operations of private corporates and SMEs (small-and-medium sized businesses), the CBUAE constantly directs banks and finance companies to implement regulations and guidelines issued within the Tess programme,” the central bank said. "This will ensure banks’ effective, full utilisation and swift response for the benefit of the affected customers.”
The support scheme was announced as a Dh100bn package on March 14, which included a direct Dh50bn injection of funds through zero cost collateralised loans provided by the central bank, plus a relaxation of banks' capital buffers allowing them to increase lending by another Dh50bn.
Further easing of restrictions on capital and liquidity reserves subsequently increased the overall size of the stimulus to Dh256bn.
The central bank ordered lenders to remove requirements for SMEs businesses to have a minimum account balance of Dh10,000 before opening accounts.
It also urged lenders to speed up the length of time it took to open accounts to no longer than two days – unless potential customers were deemed to be high-risk under anti money-laundering rules.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
Step by step
2070km to run
38 days
273,600 calories consumed
28kg of fruit
40kg of vegetables
45 pairs of running shoes
1 yoga matt
1 oxygen chamber
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
