The total liability from bounced cheques in the UAE dropped by a quarter in the first four months of the year in a sign that the bad debt crisis may be easing. But despite the decline to Dh18.6 billion (US$5.03bn) in the first four months of the year from Dh24.8bn in the same period last year, the actual number of dishonoured cheques increased, Central Bank data showed. The number of returned cheques rose by 8 per cent from 544,196 in the first four months of last year to 588,570 in the same period this year.
"Consumers hold the key to any economic recovery," said Tudor Allin-Khan, the chief economist at HC Brokerage. "If there's a reduction in defaults and an improvement in income and spending power, that indicates the real economy is in better health." Late payments and defaults on debt shot up during the global financial crisis as a wave of job losses left many unable to pay personal loans, mortgages and housing rent.
A pick-up in economic activity, improved job prospects and a decline in rents have helped to bolster consumer confidence, contributing to a gradual fall in the amount of defaults, say economists. Cayan, a Dubai property developer, has seen a reduction in the amount of tenants defaulting on rent instalments. "The average amount of bounced cheques we have is no more than 10 per cent," said Kareem Derbas, a partner and chief executive of Cayan. "It has decreased. The main reason for that is because the rental has come down and people are now spreading the money they pay over a year."
With rent payments accounting for a significant portion of cheques written, the move towards tenants paying for their rent in quarterly or monthly instalments rather than in one-off yearly sums could partly explain the anomaly of the declining monetary value of the defaults, set against the rise in numbers of returned cheques. "Businesses and people are still living beyond their means, which is leading to cheques being bounced," said one economist based in Dubai.
tarnold@thenational.ae
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
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The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
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Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
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Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)
Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)
Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)
Monday Eibar v Valencia (midnight)
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French Open (1 title) - 2009 bt Robin Soderling
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A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
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Key facilities
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- An elevated football field that doubles as a helipad
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The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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Tony Booth, professor of education
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Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
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There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
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A foster couple or family must:
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