Posts Tagged ‘Financial’

Debt causes Death

Businessman had unpaid fines and bank case; Suffocated child in despair, then he and wife hung themselves –

Based in RAK – UAE Anil & Sareeja from India with an 8 year old child Anishree, took the most unfortunate step out of stress & financial suffocation.

The Businessman Anil was in transport business with trucks leased from banks. As the Platinum period of UAE come to an end in 2007 businesses related to construction & logistics movement came to an snails pace. 1st forcing the small entrepreneurs out of league then the mediocres and come halt to the Fleet owners.

Story of Anil is from the 1st category of an struggling hardworking entrepreneur who at the crux of his decision was driving truck 24/7 by himself to keep ends intact.

The Financial Vultures hawking the debt ridden Anil ensured that he does not miss what according to LAW is a mandatory obligation – Installment payment.

Anil is not the only one, the newspapers across UAE have reported multiple sucide cases in past 24 months. All related to debt ridden individuals.

The Govt of UAE Central Bank shall step-in between the Dead Business debtors & banks, to devise a re-payment plan. Freezing of Debt amount shall be done once the agreement is made between the banks & the debtor.

Saving human lives is most important then hawking a person to commit a sucide.


Now Saudis

It may be local disaster when finanical market started to collapse in 2nd half of 2008, but with the passage of time the cat is coming out of bag. It is Saudis who have managed to PLAY upon UAE banks and dried them out. The Saad and The Algosaibi groups, of KSA are the 2 major groups who have cheated upon the Banks of UAE.

So far, only Abu Dhabi Commercial Bank (ADCB), mashreq and National Bank of Abu Dhabi (NBAD) have disclosed their exposure to Saad and Algosaibi. ADCB and mashreq said they are owed $609 million (Dh2.2 billion) and $400 million respectively, while NBAD has reported an almost negligible $11 million. “It has been clear for some time that banks in the UAE and elsewhere have been hit fairly hard by Saad and Algosaibi,” said David Butter, Economist Intelligence Unit chief economist. “But it will be difficult for central bankers to take any decisive measures on this affair because it is still subject to some fairly large lawsuits.”

Al Suwaidi is due to participate in today’s meeting of Gulf Cooperation Council (GCC) central bankers.

Yesterday, he reasserted the UAE is still not considering rejoining the proposed GCC monetary union. “The subject is not currently under discussion,” he said.

Whats does he think of people in UAE… are they STUPID????

DIP in Dubai Financial Market

The Dubai Financial Market (DFM) followed the rollercoaster mood at international exchanges and closed 1.45% lower after rebounding 2.30% yesterday. Market bellwether Emaar Properties ended 3.61% lower at Dhs2.94. Investment bank EFG Hermes says upgraded its stance on Emaar from ‘reduce’ to ‘neutral’ in the short-term. EFG says it will reconsider its judgment on Emaar until more details about the possible merger with three real estate subsidiaries of Dubai Holding will be disclosed. Shares of logistics specialist Aramex bucked the trend and added 0.64%, closing at Dhs1.58. Aramex soared 33% during the last three months amid extending its presence in Europe. Trading volumes remained stable at the DFM as three shares gained, 23 declined and one stock remained unchanged.

Optimistic Sheikh Mohammed

UAE Vice President and Prime Minister and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, believes the worst of the financial crisis is now over, following its ‘significant’ impact on the economy during the final quarter of 2008. Taking part in an electronic question and answer session with the press, he said the UAE economy is expected to grow this year, albeit only slightly.77055-sheikh_mohammed_bin_rashid_

Sheikh Mohammed said that the economy is in better shape than in many countries, so the ‘contraction it [the small and medium business sector] has suffered is only temporary.’

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