In a heartwarming show of support, the United Arab Emirates’ central bank has announced a six-month deferral on loan repayments for impacted residents and businesses, providing much-needed breathing room after the unprecedented floods that ravaged the desert emirate.
Deferrals without Penalty
The bank’s directive assures that loan deferrals will not accrue additional fees, interest, or principal, offering relief to those who have endured property damage and financial losses during the storm.
Record-Breaking Precipitation
The UAE witnessed a staggering deluge, equivalent to nearly a year’s worth of rain, within a mere 12-hour period. This relentless downpour overwhelmed roads, businesses, and homes, leaving behind a trail of destruction.
Property Damage and Evacuations
Abandoned vehicles and flooded homes painted a grim picture of the storm’s impact. The unyielding waters even caused a Dubai apartment building to tilt precariously, necessitating a full evacuation due to imminent collapse.
National Shutdown and Emergency Response
To ensure safety, the UAE government suspended all non-essential services on Tuesday, including schools, offices, and banks. The National Emergency Crisis and Disaster Authority counseled residents to remain indoors and avoid flood-prone areas.
Insurance Coverage Assured
The central bank affirmed that insurance policies, which typically cover loss and damage, would provide protection for homes and vehicles impacted by the flooding. Insurance companies were directed to assume responsibility for compensating victims.
Ombudsman Services
Residents with insurance-related concerns or disputes were encouraged to contact Sanadak, the government’s financial and insurance ombudsman. The ombudsman’s role is to mediate and resolve any issues between residents and insurance firms.
Solidarity in Crisis
The swift response from the central bank and the swift actions taken by the government demonstrate the commitment of the UAE to support its people in times of adversity. These measures serve as a testament to the resilience and compassion of the Emirati community as they rebuild and recover from the devastation.
