The central bank of the UAE extends certain stimulus measures until mid2022!

The United Arab Emirates central bank said it extended some stimulus measures introduced last year until mid-2022 to mitigate the economic impact of the coronavirus crisis. اعلانات

The Targeted Economic Support Scheme (TESS) provides banks with temporary relief for companies and individuals affected by the pandemic of COVID-19 and provides additional lending capacity via the relief of existing capital and liquidity buffers.

Banks will continue to be eligible to access the collateralized liquidity facility of 50 billion dirham (13.61 billion dollars) by 30 June next year, according to the Central Bank (CBUAE).

The bank's finance for TESS loan delays will be extended until the end of this year.

"Financial institutions expect to prioritize TESS lending to those sectors, businesses and households most affected by the TESS, thus contributing to a balanced regeneration of the diversified economy of the United African States," she said.

The International Monetary Facility estimates that the UAE's economy fell by 5.9 percent last year as key sectors such as tourism and aviation were severely hurt by the constraints on the new coronavirus.

According to the IMF, real gross domestic product (GDP) is expected to grow 3.1 percent this year.

Last year the pandemic, low oil prices and sluggish immobilization – an important component of UAE GDP – weighed UAE banks.

Capital Economics has estimated that non-performing loans are 10.6% of the total loans. The highest ratio since 2005.

S&P Global Ratings said in a report last week, that continued pressure from property due to over-supply and low demand from the tourism, hospitality and aviation sectors will probably continue to weigh up the quality of the assets of banks in the next 12 to 24 months.

But banks are expected to maintain "sufficient sources of financing and liquidity" in the midst of a rebound in oil prices.

NBD, the largest bank in Dubai, posted a 12% increase in net profit for the first quarter of 2012 citing improved economic conditions from COVID-19 and degradation.

Sea and space on demand as a mix of UAE property buyers changes Aldar boss says!

DUBAI: According to the CEO of Abu Dhabi's biggest developer, UAE property buyers are looking for bigger villas and seaside resorts as the post-pandemic real estate market is paying premium.

Talal Al-Dhiyebi, Chairman and CEO of Aldar Group, also revealed the rapidly changing mix of investors acquiring developer groups, with Indian and women expatriates rising sharply.

On Monday, Aldar reported an 80-percent jump to 544 million dirhams ($148 million) in the first quarter, which detrimentated analyst expectations.

"The after-pandemic story in Abu Dhabi and Dubai has been very similar where people move to prime properties facing the sea. We saw a great drive from the lockdowns in Europe and on the sub-continent," Al-Dhiyebi said Tuesday in an interview with Bloomberg TV. "Our Indian buyers in Abu Dhabi are now our second strongest buyers. Interestingly, it's the first time that we have crossed 30% of female investors in off-plan sales since we started. The dynamics have therefore changed. People's search for opportunities. This has led to price rises for these primary and horizontal developments, and we expect this to continue until the end of 2021."

His remarks and the underlying performance of the enterprise are the most recent indicator of a shift in sentiment to certain segments of the UAE market despite the large surplus of completed new houses that will soon be completed.

Aldar said on Monday that its development business reported 47% increase in revenues over the year, with sales of more than 1 billion dirhams for the third consecutive quarter.

 

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