Mobile  |  About us  |  Photos  |  Videos  |  Subscriptions  |  RSS Feeds  |  Today's Paper  |  Classifieds  |  Contact Us
The Daily Star
SUNDAY, 20 APR 2014
01:48 PM Beirut time
Weather    
Beirut
22 °C
Blom Index
BLOM
1,214.01down
Middle East
Follow this story Print RSS Feed ePaper share this
UAE ruler cancels debts of defaulting borrowers
Associated Press
A+ A-

ABU DHABI: Citizens of the oil-rich United Arab Emirates who defaulted on hundreds of thousands of dollars in loans could soon see their debts wiped away.

State news agency WAM reported Sunday that the president of the Gulf federation is ordering the settlement of personal debts of up to 5 million dirhams ($1.4 million) for citizens in default.

The order by Sheik Khalifa bin Zayed Al Nahyan covers citizens detained for unpaid debts and those whose cases are still being reviewed. Debtors in the Emirates face imprisonment while in default.

Emirati leaders periodically cancel debts of citizens. A similar debt forgiveness order in January covered thousands of Emiratis owing up to 1 million dirhams ($272,480) apiece.

The writeoffs are the latest government perks introduced in the wake of the Arab Spring uprisings.

 
Home Middle East
 
     
 
United Arab Emirates
Advertisement
Comments  

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Advertisement


Baabda 2014
Advertisement
Follow us on Facebook Follow us on Twitter Follow us on Linked In Follow us on Google+ Subscribe to our Live Feed
Multimedia
Images  
Pictures of the day
A selection of images from around the world- Saturday April 19, 2014
View all view all
Advertisement
Rami G. Khouri
Rami G. Khouri
Why Israeli-Palestinian talks fail
Michael Young
Michael Young
Why confuse gibberish with knowledge?
David Ignatius
David Ignatius
Echoes of 1914 characterize the Ukraine crisis
View all view all
Advertisement
cartoon
 
Click to View Articles
 
 
News
Business
Opinion
Sports
Culture
Technology
Entertainment
Privacy Policy | Anti-Spamming Policy | Disclaimer | Copyright Notice
© 2014 The Daily Star - All Rights Reserved - Designed and Developed By IDS