Doha: Qatar’s banks and real estate majors are offering relief to loan holders and tenants as coronovirus threat wallop incomes.
Offering a degree of leniency to its SME borrowers, QNB recently that all payments under their SMEs loan holders and Documentary Credits, will be postponed for three months without any interest or fee starting March 2020.
QIB announced through its social media account the postponement of all the payments owed by the SMEs for a period of three months without any extra charge. The decision is to reduce pressure on Small and Medium Entrepreneurs in the wake of COVID-19 outbreak.
Ahli Bank, another major bank in Qatar, announced yesterday it has decided to postpone loans installment for individual customers who might experience financial difficulties in making repayments to their loans on time.
For Retail Customers, the Bank will postpone all Retail loan installments effective 23 March 2020 without deferment fees for the months of March & April. Customers who wish to settle their payments must call the Contact Centre before 22 March 2020.
According to Qatar Development Bank (QDB), the main credit facilitator to the country’s SME sector, the total outstanding loans extended by QDB to SMEs stood at QR6.7bn in 2019. In January 2020, QDB announced that the short term financing to promote SMEs exports in 2019 stood at QR507m, while total financial support through insurance policies reached at QR562m.
Over 550 local Small and Medium-sized Enterprises (SMEs), including startups, have benefited from the various funding schemes of Qatar Development Bank (QDB), with the combined value of aids reaching at QR850m ($233m).
At least two major developers came out yesterday in this time of crisis offering relief to their respective customers. Barwa Real Estate Group announced postponing payments for rents of its commercial units, showrooms, warehouses, workshops, and offices, for a period of three months starting from April 2020.
Salah bin Ghanim Al Ali, Chairman of the Board of Directors, stated that: “Barwa has always been part of its surrounding conditions, hence, this initiative comes to reflect the group’s on-going commitment towards the national economy and investors.
Moreover, Barwa constantly strives to be proactive in supporting initiatives aimed at the private sector, being a significant pillar of the development of Qatar as per the National Vision 2030 supported by His Highness Sheikh Tamim Bin Hamad Al Thani, The Emir of the State of Qatar.”
“Barwa Real Estate values its long-term partnership with tenants, stakeholders, as well as its partnership with the government of Qatar. The group will therefore continue to extend the support needed and activate national initiatives to support the private sector”, Al Ali added.
Msheireb Properties, another major real estate development company and a subsidiary of Qatar Foundation, announced yesterday that it would exempt all retailers and food and beverage (F&B) tenants at Msheireb Downtown Doha from rental costs and other service charges effective yesterday (Sunday, March 15th) until further notice.
