Oman Offers Emergency Interest-free Loans For Firms Hit By Virus

The Gulf nation has already trimmed its budget spending and announced liquidity support

Oman will offer interest-free loans to help small and medium-sized firms and other business owners that have suffered losses due to the coronavirus pandemic.

The emergency programme announced on Tuesday is among the first measures taken by a committee set up by Haitham bin Tariq Al Said to counter the economic fallout of Covid-19, according to Oman Television.

The Gulf nation has already trimmed its budget spending and announced liquidity support in an effort to provide some relief. Oman has also discussed the possibility of financial aid from wealthier neighbors, people with knowledge of the matter told Bloomberg.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
RECENT NEWS

Emicool Secures First-ever Green Financing To Boost Sustainable Growth

The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more

UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading

Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more

Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year

Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more

UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework

The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more

PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai

Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more

New Board Certifies DMCC Tradeflow As Fully Shariah Compliant

Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more