Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Strict lending discourages Emiratis from borrowing  Join our daily free Newsletter

MENAFN - Khaleej Times - 18/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Borrowers dropped to 28% says department of economic development

a significant change in borrowing behaviours reflects a more prudent approach in the uae. — supplied photo

abu dhabi-based uae nationals have been discouraged by new measures on personal borrowing introduced in the first quarter of the year said a survey carried out by the department of economic development abu dhabi.

the number of borrowers dropped to 28 per cent according to the survey carried out in march this year. in addition about 45 per cent of uae nationals said they built a house from borrowed money while 36 per cent changed their car. this shows a significant change in borrowing behaviours reflecting a more prudent approach as investment in real estate is considered a life time saving that carries handsome returns apart from providing a sense of security and shelter.

also 12 per cent of uae nationals interviewed used loans to make investment or business five per cent borrowed money to provide for the expenses of marriage and only two per cent borrowed for travelling.

the central bank of the uae in the period after the global financial crisis of 2008 carried out wide ranging reforms in the financial sector by introducing new rules that ask for higher per cent of borrower’s equity to a mortgage or auto finance besides trimming the tenor of loan. several measures were taken which discouraged banks to dole out credits.

in the case of the uae nationals who defaulted on their loans an amicable solution was provided for them to clear their debts from a generous lifeline provided by the president his highness shaikh khalifa bin zayed al nahyan.

the rise in inflation also had its impact on uae nationals which was evident from the survey’s findings. most emiratis believed that food prices are rising though it did not change their consumption pattern of what they called daily consumed items. family spending rose to dh25 952 per cent in february up against dh22 977 per cent on average in november 2013 due to growing inflation.

the results of the march 2014 survey showed that about 64.9 per cent of anticipated expenditure is to rise in the next quarter.

— haseebkhaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Jul 2 2015 - Amjad completes Radisson Blu-Olympic Sports hat-trickThe Peninsula
(MENAFN - The Peninsula) Promising youngster Azlan Amjad overcame a spirited challenge of veteran Mohammed Al Saied to complete a hat-trick of wins at the 15th Radisson Blu-Olympic Sports Squash ...

 Jul 2 2015 - Lekhwiya to begin training with new coach BelmadiThe Peninsula
(MENAFN - The Peninsula) Lekhwiya Sports Club will regroup this Sunday to start preparations for the new Qatar Stars League (QSL) season.The players have had extended holidays after a successful ...

 Jul 2 2015 - Qatar- New online services added on Kahramaa websiteGulf Times
(MENAFN - Gulf Times) The Qatar General Electricity & Water Corporation (Kahramaa) has added 27 new online e-services on its website km.qa.With this the number of online services on the site has shot ...

 Jul 2 2015 - Saudi Arabia to cut August medium, heavy crude oil pricesThe Peninsula
(MENAFN - The Peninsula) Top oil exporter Saudi Arabia is expected to cut monthly prices for medium and heavy grades it sells to Asia in August on weaker fuel oil cracks, while keeping the price for ...

 Jul 2 2015 - Qatar- Traffic diversion on Rayyan road stretch for 18 monthsGulf Times
(MENAFN - Gulf Times) A temporary traffic diversion will be in place on Al Rayyan Road west bound from the direction of the Olympic Roundabout (Sports Roundabout) towards 22 February Intersection, ...

 Jul 2 2015 - Doha Bank to restore full network access soonGulf Times
(MENAFN - Gulf Times) A large number of Doha Bank customers were affected as they were not able to withdraw cash or use cards for purchases due to a technical glitch.Several customers said Doha ...

 Jul 2 2015 - QIB raises QR2bn through SukukThe Peninsula
(MENAFN - The Peninsula) Qatar Islamic Bank (QIB) announced that it has raised QR2bn (nearly $550m) in Basel III compliant Additional Tier 1 Perpetual Sukuk to enhance the Bank's capital adequacy ...

 Jul 2 2015 - FM hosts Suhoor banquet for heads of Qatar's missionsGulf Times
(MENAFN - Gulf Times) HE the Foreign Minister Dr Khalid bin Mohamed al-Attiyah hosted a Suhoor banquet in honour of the heads of Qatar's missions abroad. The event, which took place at Sheraton Doha ...

 Jul 2 2015 - Qatar stock index falls 151.92 pointsThe Peninsula
(MENAFN - The Peninsula) Qatar Stock Exchange (QSE) index fell 151.92 points (1.25 percent) when the bourse closed trading Wednesday at 12,049.10 points.The market capitalization decreased to ...

 Jul 2 2015 - UDC celebrates Garangao with young patients of HMC at The Pearl-QatarGulf Times
(MENAFN - Gulf Times) United Development Company (UDC) yesterday held Garangao celebrations with 250 young outpatients of Hamad Medical Corporation (HMC).The event, which took place at Burj Al Hamam ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help