Covid-19 is the most serious public health and economic emergency the world has faced in modern times.
The impact on the global economy will be severe and long-lasting. The eventual outcome depends on actions taken now by various political and economic participants and stakeholders.
In the UAE, the government has acted quickly to protect its population from the virus and has taken steps to mitigate and contain the threat to public health. It is also ramping up its health system to ensure that the country is adequately prepared to treat patients and manage the crisis.
The government has also announced an emergency stimulus plan to support the economy and mitigate the impact of the Covid-19 shock by supporting lenders and UAE based businesses.
Fiscal policy is key to shoring up the country’s economy. The UAE has introduced measures to defer government fees, defer loan payments and increase financing for small and medium-sized enterprises (SMEs), which contribute around 60 per cent of non-oil economic output and employ around 90 per cent of the private workforce.
As elsewhere around the world many SMEs are facing a sudden and significant drop in sales, supply chain disruption and cashflow constraints. They are also facing the impact of large corporates delaying supplier payments to conserve cash.
Over the last 10 years the UAE government has taken significant steps to boost the SME sector and increase its contribution to the economy. Access to finance and broader government support will help cushion the impact on SMEs.
The challenge now is how best to deliver this support.
Banks need to play a leading role in transmitting the government’s fiscal stimulus to the economy. Although more than 90 per cent of businesses, by number, in the UAE are SMEs, they account for only some 5 per cent of total bank lending.
In this situation, the non-banking financial sector - and institutions within it - can play an important and supportive role in acting as transmission entities to those companies, particularly SMEs, that need access to finance quickly.
As well as providing capital quickly and efficiently, non-banking financial institutions are ideally positioned to provide non-financial support including governance, talent management, mentorship and strategic advice.
There is a well-developed community of non-banking financial institutions in the UAE, including alternative asset managers, private equity firms and other independent investment firms. They tend to have specialist investment capabilities and are well placed to work closely with the government, to increase the rate of transmission.
The priority must be to make sure that every eligible business can access financing quickly and survive through the crisis.
It is equally important to increase access to capital in the form of subordinated loans and equity-like instruments.
This can be achieved by establishing a national strategic investment fund with local sovereign wealth funds (SWFs) acting as anchor investors and guarantors to other equity investors and lenders to the fund. A guarantee would make it easier and quicker for banks to lend to SMEs through the fund.
Though the government might become a bigger shareholder in the wider economy and the SME sector more specifically, the benefits would be twofold.
In the first instance, swift support will protect the economy by maintaining the highest level of employment possible in the absence of an income tax or social security system.
Second, if capital is made widely accessible, in a timely manner and is structured to avoid the burden of additional debt, good companies will be in the best position to bounce back, expanding their operations and driving the growth that will repair the economic damage wrought by Covid-19.
If we can deploy capital by involving the broader financial community, this will amplify the economic impact and strengthen the UAE as a leading financial centre. In seeking to mitigate the social and economic impact of the virus, the UAE has an opportunity to maintain its world class environment - retaining the best of human capital, technology, entrepreneurship, resources and business ideas.
Zak Hydari is the chief executive of Rasmala
INDIA'S%20TOP%20INFLUENCERS
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Killing of Qassem Suleimani
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
KILLING OF QASSEM SULEIMANI
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Killing of Qassem Suleimani
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Mission%3A%20Impossible%20-%20Dead%20Reckoning%20Part%20One
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Brief scores:
Toss: Northern Warriors, elected to field first
Bengal Tigers 130-1 (10 ov)
Roy 60 not out, Rutherford 47 not out
Northern Warriors 94-7 (10 ov)
Simmons 44; Yamin 4-4
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
INDIA SQUAD
Virat Kohli (capt), Rohit Sharma, Shikhar Dhawan, KL Rahul, Vijay Shankar, MS Dhoni (wk), Kedar Jadhav, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Ravindra Jadeja, Mohammed Shami
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
