UAE banks and SMEs keep lid on bad debt fallout | The National:
"The potential fallout from rising levels of bad debt in the small and medium enterprise sector has been contained as banks restructure some of those loans that went sour in the aftermath of the oil price crash, said Abdul Aziz Al Ghurair, the head of the UAE bank federation.
Mr Al Ghurair, who is also the chief executive of the Dubai-based lender Mashreq, last year warned that a number of small business owners may have skipped town, leaving about Dh5 billion of unsettled loans.
“The UAE banking federation has put a framework to work out all the skip customers and this has been a great boost to stabilise our economy, stabilise our SMEs and stabilise the banks," he said in Dubai yesterday on the sidelines of an event hosted by Family Business Council, of which he is chairman, to launch the region’s first bilingual governance guide for family businesses."
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