By: Amr Adel
Dubai - Mubasher: The chairman of the UAE Banks Federation (UBF) said on Tuesday that Emirati banking sector has surpassed the small and medium enterprises’ (SMEs) crisis, thanks to the federation’s initiative that was launched to bail out struggling companies.
The initiative was very positive for both the banks and the SMEs, Abdul Aziz Al Ghurair told reporters on the sidelines of the Global Islamic Economy Summit in Dubai.
In March, UBF announced an initiative to help troubled companies repay and restructure debts, in a time where the banking sector is facing growing challenges amid the decline in oil prices.
Al Ghurair previously said that the initiative helped more than 1,700 companies to restructure debts totalling nearly AED 7 billion.
Translated by: Moslem Ali
