The notice will come as a relief to the many UAE residents who suffered loss and damages during the record-breaking storm.
The United Arab Emirates' central bank sent a directive to the country's lenders and insurers approving the deferring of loan repayments for six months, as residents and businesses reel from"The Central Bank today issued a notice to all banks and insurance companies to allow the deferral of repayment of instalments of personal and car loans for customers affected by the repercussions of the weather condition for a period of six months," the bank said in a Monday statement.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyThe notice will come as a relief to the many UAE residents who suffered losses and damages during the record-breaking storm. Roughly a year's worth of rain pummeled the Gulf country in a span of just 12 hours between April 16 and 17, destroying businesses, cars and other property.A man steers his canoe on a flooded street in Dubai following heavy rains on April 18, 2024.