Dubai: Interest-Free Loans Introduced For Select Businesses Affected By Substantial Rainfall.
In response to the recent heavy rainfall in Dubai, a special initiative has been unveiled by the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a subsidiary of the Dubai Department of Economy and Tourism (DET). This program aims to support small and medium-sized enterprises (SMEs) affected by adverse weather conditions (Interest-Free Loans).
Under this initiative, eligible Emirati-owned SMEs can benefit from interest-free loans of up to Dh300,000, along with a grace period of 6 to 12 months. Additionally, Emiratis who own SMEs may receive deferrals and grace periods for their existing loans, providing much-needed financial relief during this challenging time.
The UAE Central Bank has also announced measures to assist individuals affected by the heavy rains, including the option to defer personal loan installments.
This initiative underscores Dubai SME’s commitment to supporting the recovery efforts of rain-affected businesses, further solidifying its role in promoting economic sustainability within the SME community. Abdul Baset Al Janahi, CEO of Dubai SME, emphasized the organization’s collaboration with partners to expedite the recovery process and mitigate the impact of recent weather conditions.
Affected Dubai SME members can submit the required documents to the Fund’s designated relief financing committee through the Mohammed bin Rashid Fund for SME website (www.thefund.ae) or by contacting the customer service center at 600 555 559.
