Emirates’ leader to wipe away debts
State news agency WAM reported yesterday that the Gulf federation’s president is ordering the settlement of personal debts of up to five million dirhams (£860,000) 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. UAE debtors face imprisonment while in default.
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Hide AdEmirati leaders periodically cancel the debts of citizens. A similar debt forgiveness order in January covered thousands of Emiratis owing up to a million dirhams apiece.
The write-offs are the latest government perks introduced in the wake of the Arab Spring uprisings.