TESS Support by CB of UAE

In response to the pandemic’s repercussions on the UAE financial system and the broader economy, the CBUAE implemented a comprehensive package, the TESS. The TESS has succeeded in mitigating liquidity and funding pressures, enhancing bank lending capacity, and supporting operational challenges of the financial system. The TESS has been among the most comprehensive programmes implemented through the banking system in the region and also internationally. The CBUAE was recognised by the Frontline Hero Office in view of these measures as an essential UAE institution for safeguarding the financial system and the economy during the COVID-19 pandemic.

All UAE national banks along with several participating foreign banks operating in the UAE played an active and effective role in providing financial relief to businesses and households, positively contributing to the national economy.

The TESS loan deferral programme, which is one of the implemented measures, benefited more than 320,000 bank clients out of which up to 310,000 were retail customers, 10,000 small and medium enterprises (SMEs), and up to 2,000 private sector corporates during 2020.?

This gives great confidence in the UAE Leadership and a boost to economic environment in the UAE.