He also worked to remove many of the obstacles that were facing the banking sector, during the crisis period, Sheikh Mansour added.
Liquidity in the UAE’s banking system returned to pre-Covid-19 levels and banks have substantially reduced their use of the Targeted Economic Support Scheme (Tess), – the Dh50 billion ($13.61bn) zero-cost funding programme set up one year ago to help lenders maintain funding flows through the economy – the central bank said last month.
The amount lenders are drawing down from Tess declined to Dh22bn, half of the maximum drawdown of about Dh44bn reached in Q2 2020.
The funding programme, which was extended to June 30, is part of local and federal support packages worth Dh388bn, the Minister of Economy Abdulla bin Touq said in December.
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A new entity chaired by UAE President Sheikh Khalifa, also Ruler of Abu Dhabi, has been set up to oversee the emirate s financial, investment and economic affairs, and the management of natural resources including oil and gas.
The new council aims to support Abu Dhabi s competitiveness and its economic and financial sustainability.
A new law issued by the Sheikh Khalifa in his capacity as the emirate s ruler established the Supreme Council for Financial and Economic Affairs, the government announced on Sunday.
The council is chaired by Sheikh Khalifa and its vice chairman is Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
Egyptian president, Abu Dhabi crown prince
discuss bilateral ties, regional developments December 16, 2020
Egyptian President Abdel Fattah El-Sisi met on Wednesday with Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan at the Ittihadiya Palace in Cairo. WAM photos
CAIRO Egyptian President Abdel Fattah El-Sisi met on Wednesday with Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan at the Ittihadiya Palace in Cairo.
During their meeting, they discussed the prospects of further consolidating the ties between the United Arab Emirates and Egypt. They also reviewed several regional and international issues of interest.
Abu Dhabi crown prince is leading a high-level delegation that includes UAE s National Security Adviser Sheikh Tahnoun bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan, and other top officials.
UAE accounts for 11% of
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