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Tuesday, 20 September 2016

UAE banks bail out 1,700 SMEs and corporations with Dh7 billion in loans restructured | The National

UAE banks bail out 1,700 SMEs and corporations with Dh7 billion in loans restructured | The National:

"An initiative among local banks to bail out small and medium sized enterprises (SMEs) has helped to restructure some Dh7 billion of debt owed by more than 1,700 companies this year, the UAE Banks Federation (UBF) said.

The federation also said the bankruptcy law approved this month by the country’s Cabinet is another measure that will help struggling business owners restructure debt, reducing the temptation to skip town.


Abdul Aziz Al Ghurair, the UBF chairman and chief executive of Dubai-based Mashreq, said that the initiative to rescue SMEs, dubbed "Modus Operandi," involved all banks. The executive’s comments came after a meeting of the heads of the 49 banks that are members of the federation. SMEs make up 90 per cent of non-government GDP, he said."



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