Skip to content
Subscriber Only
Business
Economics

U.A.E. Plans to Ease Citizens' Debt Burden as Economy Slows

  • Program aims to ease debt burden for nationals, WAM reports
  • Applications for the relief plan to be accepted in April
Visitors watch the sun set from the Dubai Creek Habour Development in Dubai.

Visitors watch the sun set from the Dubai Creek Habour Development in Dubai.

Photographer: Christopher Pike/Bloomberg
Updated on

The United Arab Emirates started a program that aims to reduce the debt burden of its citizens as the oil-rich Gulf country grapples with an economic slowdown.

The program, launched by the central bank, targets loans that cost individuals more than 50 percent of their monthly salary, according to the state-run WAM news agency. Payments would be consolidated over a maximum period of four years and capped at half the person’s salary or 30 percent of their pension. The interest rate won’t exceed the three-month interbank rate