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
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