Banking, Business and Movement: A Covid-19 Update

During this period of unprecedented global upheaval, every day seems to bring more news and updates from communities and governments around the world.  As covid-19 continues to spread and impact our health and industries, more and more of us are left in vulnerable positions surrounded by an uncertainty over what to do and when the struggle will be behind us.

At EER we are committed to ensuring the safety of our employees and clients, as well as our continued ability to support economic stability to safeguard our future.  That is why we want to make sure to bring you the most up to date information on the subjects that matter most to you.  We can all do our part to help combat the spread of the virus and limit its impacts by working together to #stayhome and support those in need.  You also need to make sure to only listen to official information and avoid rumours.  There is now a hotline you can call to get confirmed updates if you need it, 800 737648.

Here are some of the latest official updates in the UAE:

Dubai Lockdown

The on-going city sterilisation efforts have now been extended for a two week period and they will run 24 hours a day.  This means that Dubai has restricted movement in the city to essential workers and essential needs for at least the next fortnight.  If you are an essential worker you will need a letter from your employer that can be shown at police checks or to waive radar fines.  You will also need to carry your Emirates ID with you at all times.  If you need to shop for essential food, medicine or to go to the hospital, you will need to apply online for a permit here before leaving the house.  Essential household shopping can only be done by one person at a time and they must now be wearing a mask and gloves whenever they leave the house.  Read more here.

Extended Residency

To accommodate the unique situation and lessen the burden on government resources, all fines for resident visa holders will be waived until the end of the year.  This means that if you were due for a renewal or to exit the country, but aren’t able to, you won’t incur any overstay fines.  We will keep you updated on all aspects of this ruling as it unfolds.

Radar Relief

As the UAE Government works hard to combat the virus spread and adapt to an ever-changing environment they keep sharing new initiatives and updates.  Following the extension of the curfew in Dubai and new movement rules, they have also announced that all radar fines incurred on Saturday 4^th April and Sunday 5^th April will be waived at this time.  Hopefully now everyone has a clear idea of what restrictions apply to them and how to adhere to the rules for the benefit of all.

Banking News

The UAE Government has also taken a variety of steps concerning the banking sector in an effort to improve our economic outlook as we navigate the impact of covid-19.  To boost liquidity, the UAE Central Bank has reduced capital requirements from 14% to 7%.  “This will inject liquidity of about AED61 billion, which can be used to support banks’ lending to the UAE economy and their liquidity management.”  In regards to individuals and employers, banks have been asked to postpone capital and interest on loans until the end of 2020.  This and other measures being implemented by the banks themselves, should help to ease burdens as we work together to get through the crisis.

The whole team at EER is joining you in the call to #stayhome and hope you are coping as well as possible during this difficult time.  Please feel to reach out to us if you need assistance, as EER is here to help our clients meet this challenge head on.