Dear subscriber,

It’s great news to hear that the UAE Central Bank is urging lenders to offer personal and car loan repayment relief to flood-hit customers across the Emirates.

The welcome financial assistance comes after Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, directed developers and property management companies to help residents free of charge with accommodation, food and cleaning services after last week’s record-setting storms.

It’s not the first time that the UAE has helped residents overcome financial difficulties after life-changing events. The Covid-19 pandemic is an excellent example of the UAE stepping up to help.

In March 2020, the Central Bank also launched the Dh100 billion Targeted Economic Support Scheme, which was designed to stimulate the economy and allow bank customers to apply for loan payment holidays to ease their financial commitments during lockdowns, furloughs and job losses.

Financial relief after weather events is vital for communities – and we are fortunate to live in a country where our finances are taken into account when it comes to government decisions.

While we don’t yet know which banks will be offering the loan deferments, we do know that customers will not incur additional fees, interest or profit charges if they apply for the payment holiday in what is a reassuring financial safety net during this difficult time.

Don't forget to scroll down to check out our readers' money-saving tip – this week, we look at how you can save on grocery bills by choosing generic products over big-name brands. Get in touch with us at pf@thenationalnews.com to share your best tips.

UAE Central Bank requests loan relief to help flood-hit residents

The UAE Central Bank on Monday issued a notice to all banks and insurance companies, asking them to allow a six-month deferment of repayments for personal and car loans for customers affected by the recent storms in the Emirates.

Customers will not incur any additional fees, interest or profit charges, nor an increase in the principal amount of the loan, the regulator said.

The Central Bank confirmed damage to vehicles and homes due to the heavy rain last week would be covered if there is a comprehensive insurance policy against loss and damage.

“The insurance companies shall be considered responsible for indemnification,” the Central Bank said.

Read the full story by Alkesh Sharma …

My Abu Dhabi Salary: ‘I earn up to Dh18,000 a month as a business coach’

Monica Mahi Mathijs aims to make enough passive income from different sources to be able to pay large bills and quit her conventional job.

The coach and trainer, who is the founder of Monica Mahi consulting firm, invests in stocks and property in the UK.

The Briton, who lives in Abu Dhabi’s Mangrove Village with her husband, has worked in investment banking for consulting companies for 20 years.

She started her career in London and moved to the UAE nine-and-a-half years ago.

Ms Mahi, 46, currently works full-time with an educational institution in the UAE and also runs a company with her husband called Reach Outstanding, an executive and business coaching service.

Read the full story by Deepthi Nair …

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Do insurance policies cover rain damage and business interruption?

Money & Me

Money-saving tip #51

Fun fact: Did you know that generic, or own-brand, supermarket products are often made by the same manufacturer that produces items for big-label brands but packages and prices them differently?

When shopping, look out for a supermarket’s brand items and compare the price with the same big-name label. In some cases, you could find the price difference is about 40 per cent or more.

Buying generic brands can result in saving thousands of dirhams a year – a huge plus when you consider the cost of living and how much big-name brand grocery items have risen over the past couple of years. It’s worth the effort – and pays off in the long run.

Have you got a great money-saving tip? Email it to us at pf@thenationalnews.com for a chance to be featured.

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