A European man in his 30s threatened to commit suicide last week because of financial problems, Dubai Police said.
His girlfriend called the police and a patrol officer was dispatched to the man's apartment in Bur Dubai.
Col Ali Ghanem said the man threatened to kill himself with a knife.
The police officer negotiated with the man for more than two hours from the balcony of a neighbouring apartment and persuaded him not to harm himself.
The man was taken to hospital and provided with all necessary treatment, Col Ghanem said.
"He wanted to commit suicide because he had a bounced cheque which he could not pay," Col Ghanem explained.
"We contacted the person who was owed the money and asked him to give [the man] some time.
"Once he realised what had happened to the man, he decided to exempt him from paying."
Police referred the man to public prosecution.
* Wafa Issa