UAE citizens “blindly” signing up for loans – dep pm

Emirati nationals are "blindly" signing up for personal loans that they are unable to pay back later, according to Sheikh Mansour bin Zayed, UAE deputy prime minister. Because of this, UAE authorities set aside AED1.05bn (US$410m) for the Nationals' Defaulted Debts Settlement Fund, a programme aimed at clearing defaulted debts owed by Emirati nationals. Any person that with personal loan debts and not commercial or trade loans unpaid before December 2011 will have it covered by the programme. 17 banks take part in the fund which has dealt with approximately half of the 3,200 registered Emirati applicants.

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