UAE banks come to the aid of small businesses struggling with debt

Tuesday, 29 March 2016 16:51

UAE banks are coming together to help small to medium-sized businesses, who can't pay their debts. All 49 institutions are agreeing to halt criminal prosecutions for bounced cheques, which are frequently held as security in business transactions. Under the initiative, SMEs can apply for a standstill agreement and restructuring of their debt, if they face tough trading conditions. To start with, only those who owe at least AED 50 million are covered by the new system. Peter England, the CEO of RAK Bank says this could be the start of a cultural change in the UAE’s banking sector.

Listen

More from Business

Oil prices surge to highest since 2022 at over $119 a barrel

Oil prices surged over $119 a barrel, hitting levels not seen since mid-2022, on Monday as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
HSBC CEO says confidence in GCC remains despite regional developments

HSBC on Monday expressed confidence in the Gulf Cooperation Council (GCC) members' economic prospects as the region and the wider Middle East brace for the economic shock from the U.S.-Israeli conflict with Iran.
Silal, National Agricultural Centre partner to boost UAE food security

Silal, an Abu Dhabi agri-food and technology company, has announced the expansion of its operations in Ras Al Khaimah in collaboration with the National Agricultural Centre.
No decision yet on G7 releasing oil stocks, France's Lescure says

G7 countries have not made a decision yet on the potential release of emergency oil stocks in the wake of the U.S.-Israeli conflict with Iran, France's Finance Minister Roland Lescure said on Monday.