The Central Bank is weighing a raft of measures to help nationals struggling to pay back hefty bank loans.
The regulator's board reviewed proposals "regarding settlement of personal consumer loans for the purpose of reducing debt burden of UAE nationals", it said in a statement released after a meeting it held last week.
The move comes as the regulator steps up efforts to assist Emiratis struggling to repay bank loans.
In January, a presidential decree announced the settling of the personal loans of 6,830 Emiratis who were in default at the time. The loans, all less than Dh1 million (US$272,242) totalled about Dh2 billion.
As part of the deal, those Emiratis in prison for their debts were to be released from jail and will have their loans settled, according to a statement from the Wam news agency.
Exact details of how the latest deal will be funded have yet to emerge.
About Dh2bn was set aside by the Government to help indebted nationals at the time of January's presidential decree.
But banks are expected to share some of the burden, analysts believe.
Banks have historically been more willing to lend to nationals, offering them preferential borrowing rates and longer repayment periods, as they view them as a lower credit risk. As a result Emiratis have been able to borrow well in excess of their personal income.
But it is difficult to know exactly how indebted nationals are, relative to the expatriate population, because there is as yet no federal credit bureau.
During the same meeting, the board reviewed a report from officials on the health of the banking system. It "showed that banks are in a good position and should not be negatively impacted by the recent turmoil in international markets", the statement said.
tarnold@thenational.ae
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
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Founder: Khaled Zaatarah
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Sector: Technology
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Director: Laila Abbas
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Rating: 4/5