Over 155,000 retail borrowers, small businesses, and businesses in the UAE have been granted the much-needed financial space by gaining financial respite, with the total debt respite in the national banking system crossing Dh15.9 billion ($4.33 billion) by the end of August.
This is in line with the targeted financial assistance provided by the FIRP package released by the Central Bank of the UAE, which aims to ensure financial protection for businesses and consumers during tough economic times. The major centers for banks, especially in Dubai, witnessed considerable participation from local businesses and individual customers who availed payment deferral and commission waiver options. Major banks such as Emirates NBD of Dubai and Abu Dhabi Islamic Bank implemented tailored financial assistance programs in accordance with the central bank guidelines.
A massive breakdown of the figures demonstrates that corporate entities captured the largest portion of the relief sum. Private companies obtained Dh10.7 billion ($2.91 billion) in total deferred commitments across 849 firms. Meanwhile, small and medium enterprises (SMEs)—a fundamental cornerstone of Dubai’s vibrant commercial ecosystem—secured Dh2.9 billion ($790 million) across 6,441 accounts. Individual consumers constituted the vast majority of beneficiaries by count, with 148,681 retail borrowers receiving Dh2.3 billion ($626 million) in structured debt extensions.
The latest metrics reflect rapid adoption since FIRP launched in March 2026. Relief figures previously stood at Dh6.2 billion in early May before climbing to Dh13.5 billion by late July. Despite offering widespread repayment flexibility, the domestic banking sector has maintained solid balance sheet fundamentals. By the end of August, overall bank assets grew 12.9 per cent year-on-year, driven by an 18.8 per cent expansion in total lending. Furthermore, credit quality showed noticeable resilience, with non-performing loans dropping to 2.6 per cent.
During high-level discussions with chief executives of UAE-operating banks, CBUAE Governor Khaled Mohamed Balama urged financial institutions to accelerate digital adoption, improve consumer protections, and maintain strict risk management protocols while expanding credit access across key growth sectors.
