The Central Bank of the UAE (CBUAE) hailed the significant efforts of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Chairman of the Frontline Heroes Office, in assisting the national strategies for growth, development and stability of the UAE economy amid the COVID-19 pandemic crisis.

CBUAE noted that it is the directives of Sheikh Mohamed bin Zayed that supported the UAE economy and financial institutions system during the COVID-19 crisis resulting in strengthening the ongoing economic recovery in the post-pandemic process.

Central Bank Governor Abdulhamid M. Saeed Alahmadi also expressed pride in the recognition of CBUAE’s efforts during the pandemic crisis by the Frontline Heroes Office.

"The credit for the UAE’s unprecedented success in dealing with the COVID-19 crisis goes to His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu ‎Dhabi and Deputy Supreme Commander of the UAE Armed Forces, with his wise vision and sound judgment," the Central Bank Governor said.

He also stated that the Sheikh Mohamed bin Zayed's motto during the crisis, which was the Arabic phrase "La Tsheloon Hamm" meaning "Don’t Worry", helped in encouraging several officials of the country to initiate bold measures and take quick decision in order to contain the spread of the pandemic crisis.

He expressed his sincerest gratitude to Sheikh Mohamed bin Zayed Al Nahyan on behalf of Central Bank staff members for praises and recognition received from the Frontline Heroes Office’ for the Bank's efforts to maintain stability of the UAE's economy and financial system during the crisis.

In addition, CBUAE Governor hailed the efforts of Sheikh Sultan bin Tahnoon Al Nahyan, Chairman of the Board of Directors of the Frontline Heroes Office, as the Office worked in collaboration with the Central Bank in overcoming the pandemic crisis and mitigate its social and economic repercussions.

"The Central Bank remains committed to support the national economy and to take further well-sequenced and targeted measures as necessary," Governor Alahmadi added.

The Frontline Heroes Office acknowledged the efforts of the CBUAE as a crucial Frontline Hero Institution, adding that the Central Bank has been displaying true leadership in safeguarding the financial infrastructure and banking system of the country. CBUAE's efforts have also confirmed the spectacular guidance provided by the UAE leadership in every aspect of the national ‎economy.

In line with the UAE government's extensive efforts to contain the spread of the virus and mitigate its repercussions, the CBUAE adopted a wide range of stimulus package - the Targeted Economic Support Scheme (TESS).

The TESS rolled out by the CBUAE proved successful in boosting the capacity of the UAE's financial system to provide aid and assistance to pandemic-affected individuals and companies to overcome its repercussions. At the same time, the CBUAE underlined the active and effective role played by all UAE's national banks in coordination with participating foreign banks operating in the country providing financial relief to households and businesses. Their efforts positively contributed to enhancing the prosperity of the UAE's national economy.

As per the CBUAE’s latest data, the TESS loan deferral program implemented by the CBUAE benefited more than 320,000 customers., out of whom 310,000 were retail customers, 10,000 were small and medium enterprises, and 1,500 private sector corporates.

WAM