Over 10,000 SMEs benefit from the UAE’s coronavirus support scheme

Over 10,000 SMEs benefit from the UAE’s coronavirus support scheme

More than 10,000 SMEs and over 1,500 larger private sector companies have benefitted from the UAE's Targeted Economic Support Scheme (TESS) launched earlier this year by the Central Bank of the UAE to support businesses impacted by the global coronavirus pandemic.

According to latest statistics, the loan deferment scheme has also benefitted over 310,000 clients of personal banking services.

Virus will not compromise national development priorities insists Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai

The TESS could also be expanded, state news agency WAM reported, citing a report of a board meeting held by the directors of the Central Bank of the UAE which said: “The board recommended the reassessment of related developments in March and April 2021 and discussed the need to