UAE to settle defaulted loans, up to $1.4m
Dubai, May 20, 2012
The UAE will settle defaulted loans owed by its by citizens, up to Dh5 million ($1.36 million) each, state news agency WAM said on Thursday, in the second such move by the government this year.
The order from UAE president, Sheikh Khalifa Al-Nahayan, will also extend to those who are in jail, pending trial, convicted over their outstanding. Citizens who agreed installment payments with the courts will also see their debt paid.
In January, Sheikh Khalifa made a similar order covering non-performing loans of citizens whose debt did not exceed Dh2 billion. – Reuters
More Government & Laws Stories
- New body to fight illicit consumer goods trade
- New GCC tobacco tax ‘could fuel illicit trade’
- Etisalat supports mGovernment initiative
- ASAR named legal advisor for Kuwait project
- Dubai authorities seize 259 elephant tusks
- Iran bars Rafsanjani from presidential election
- Bahrain MPs vote to ban pork
- Saudi detains 10 more in Iran spying case
- Dubai Courts begins e-case registration
- Bahrain cuts new property registration cost