UAE banks ease pressure on core industries as social restrictions tighten

Banks in the United Arab Emirates announced a raft of measures on Saturday they said would benefit the biggest contributors to the economy as the country announced its first deaths linked to the coronavirus pandemic.

Aviation, hospitality, healthcare, retail, event management, consumer goods, and education would be prioritized by the banks, which will reschedule or delay loan payments, reduce installments and cut or reduce fees, state news agency WAM reported. Dubai's largest bank Emirates NBD, Dubai Islamic, Emirates Islamic and Commercial Bank of Dubai, all state-linked, will introduce the measures from April 1 to June 30, WAM reported.

Mashreq is also taking part in and Abu Dhabi Islamic Bank (ADIB) announced similar measures earlier on Saturday. The UAE also announced it was temporarily closing beaches and parks after they attracted large numbers of people over the weekend, while restaurants and cafes would have to reduce capacity to 20% of normal if they wished to stay open.

Schools, cinemas, gyms, nightclubs, and some bars have already been shuttered and many concerts and sporting events have been canceled. The Gulf Arab state over the weekend reported two deaths linked to the coronavirus, its first fatalities. There have been 153 infections. Dubai government's media office tweeted that people should stay home.

The Central Bank has said it plans to support banks and businesses in the country with a 100 billion dirham ($27 billion) stimulus package. Dubai's Emirates and Abu Dhabi's Etihad Airways have announced a series of flight suspensions as the coronavirus epidemic crushes travel demand.

Saudi Arabia, which is on virtual lockdown, Saturday launched a social media campaign urging people to stay at home as "our strongest weapon against coronavirus". Qatar, which has reported 481 cases of infection, said on Saturday it is closing parks and public beaches until further notice.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)