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 deferral shall be without imposing additional fees, interest or profits, or otherwise increase the principal amount of the loan for the deferral of the repayment of installments."The 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.