To contribute to alleviating the financial burden…

Announced via The National, a new initiative will provide interest-free loans, to support small businesses who have been badly affected by the rains that Dubai experienced earlier this April.

The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, known as Dubai SME, and a subsidiary of the Department of Economy and Tourism has also announced that they will offer a grace period and postponement for existing loans that have been taken out by Emiratis who own small and medium-sized businesses.

Dubai SME members will also allow eligible companies to get interest-free loans for a maximum of Dhs300,000 with a deferment and grace period of six to 12 months which aims to help in repairing or replacing damaged properties.

A statement from Dubai SME was released saying that the move will contribute to “alleviating the financial burden and covering the costs of repair and replacement operations to resume business as quickly as possible and reduce the period of disruption to regular operations, as well as supporting the local economy, considering the significant role SMEs play in revitalising and developing Dubai’s economy.”

Eligible members of Dubai SME need to provide the required documents to the Mohammed Bin Rashid Fund for SMEs’ designated relief financing committee.

The storms

The UAE experienced the heaviest rainfall in the last 75 years on Tuesday, April 16. The record rainfall was accounted for between 9pm on Monday, April 15 and 9pm on Tuesday, April 16. Further rainfall was recorded after 9pm on Tuesday night.

Dubai will also be expecting further heavy rain and thunder this week. According to NCM, from the evening of Wednesday May 1, we can expect clouds associated with moderate to heavy rainfall over scattered areas through the UAE. There’s a chance of thunder and lightning across some areas from Wednesday night through to Thursday, and a probability of hail too.

Images: Getty