The United Arab Emirates central bank said on Tuesday it has extended until mid-2022 some stimulus measures introduced last year to mitigate the impact of the coronavirus crisis on the economy. Financing provided by the bank for loan deferrals under the TESS scheme will be extended until the end of this year. The pandemic, as well as lower oil prices and a sluggish real estate sector – an important component of the UAE’s GDP – weighed on UAE banks last year. But it said banks are expected to maintain “adequate sources of funding and liquidity” amid a rebound in oil prices. On Tuesday Emirates NBD, Dubai’s largest bank, posted a 12 percent increase in first-quarter net profit citing improving economic conditions from the COVID-19 pandemic fallout and a drop in impairments.

Source: Egypt Independent April 20, 2021 07:40 UTC