UAE introduces interest-free loans for weather-affected businesses
The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development, operating under the Department of Economy and Tourism in Dubai, has introduced the "Loan for Businesses Affected by the Weather" initiative.
This initiative aims to assist citizens who own small and medium-sized enterprises (SMEs) that are members of the institution and have been impacted by recent extreme weather conditions in the country.
To mitigate the effects of the recent unfavorable weather occurrences, the Mohammed bin Rashid Fund to Support Small and Medium Enterprises was established on the orders of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The Executive Council Chairman and Crown Prince of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, is also very interested in this effort.
Eligible companies under this initiative can avail of interest-free loans of up to 300,000 dirhams with a grace period ranging from six to twelve months. These funds are intended for repairing or replacing damaged business assets essential to their operations. The aim is to assist affected SMEs in overcoming the challenges posed by the adverse weather and to reinforce the Foundation's role in supporting economic sustainability within the Emirati SME community.
The initiative further extends support by providing interest-free business loans for financial damages and extending loan repayment periods for affected business owners who are members of the organization. This assistance alleviates their financial burdens, enabling them to cover repair and replacement costs swiftly, resume operations promptly, and contribute to the local economy. Abdul Basit Al Janahi, Executive Director of the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development, emphasized the commitment to reducing the impacts of recent climate conditions on businesses. He highlighted the initiative's alignment with the leadership's priority of citizen welfare and the importance of SMEs in supporting the economy, in line with Dubai's economic goals.
Saeed Matar Al Marri, Deputy Executive Director of the Establishment and Fund Manager, reiterated the commitment to swiftly responding to alleviate burdens on SMEs affected by adverse weather. He stressed the Foundation's dedication to supporting its corporate members and advancing them to higher levels, in line with Dubai's economic growth objectives.
To benefit from the "Loan for Businesses Affected by the Weather" initiative, applicants must meet specific criteria, including being registered members of the institution, wholly owned by Emirati citizens, and providing evidence of direct impact from recent extreme weather conditions. The necessary documentation can be submitted through the digital platform of the Mohammed Bin Rashid Fund or by contacting the customer service center.
