March 23, 2009
The UAE Central Bank is considering tough measures including setting up a Dispute Resolution Committee to look into cases against loan defaulters, in a bid to help lenders ride out the current economic situation. Defaulters could find themselves blacklisted – which in the case of foreigners will also include them being prevented from leaving the country. A blacklisted person could face a number of difficulties in either working, doing business in the UAE, or seeking future finance.
More on UAE considers new laws to prevent Ex-pats from leaving after loan defaults
