By Al Arabiya
The UAE has set aside $410 million to cover defaulted debts owed by Emiratis, state news agency (WAM) reported Monday.
The measure came after UAE’s President Sheikh Khalifa bin Zayed Al-Nahyan ordered the Higher Committee of the Nationals’ Defaulted Debts Settlement Fund to support UAE nationals who are in debt, WAM said.
In addition to banks agreeing to cut one percent of interest on dues owed, Sheikh Al-Nahyan’s orders stated that the restructuring of loan settlements by indebted Emiratis will not exceed 50 percent of their monthly earnings.
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http://english.alarabiya.net/articles/2012/12/04/253353.html
Categories: Arab World, Asia, United Arab Emirates
a good move. Oil wealth should be shared. May we suggest that it should be shared a bit more with those making ‘the good life’ possible in the UAE: the foreign workers? ‘Hand-outs’ are not even necessary, a better minimum wage and better living conditions will do …