x Abu Dhabi, UAEThursday 20 July 2017

'Beware of taking loans', says UAE Deputy Prime Minister

The Deputy Prime Minister has urged all citizens to be wary of "blindly" applying for personal loans they cannot afford to pay back.

The Deputy Prime Minister has urged all citizens to be wary of "blindly" applying for personal loans they cannot afford to pay back.

"My brother, a loan is a dilemma, do not get in to it, you should be careful when it comes to personal loans," Sheikh Mansour bin Zayed told the audience at the second day of the Government Summit in Dubai.

"The banks are taking advantage of the unawareness of some Emiratis who blindly sign on the contracts," he said.

He also warned against banks looking to manipulate dates and facts to take advantage of the Sheikh Khalifa debt repayment programme which is run by the Ministry of Presidential Affairs.

"There is a lot of confusion about the law," he said. "It is simple and clear: any person with personal loan debts and not commercial or trade loans, unpaid before December 2011, can have it covered by the programme."

* Ayesha Al Khoori