A total of 1.4 million cheques failed at the point of use last year, representing payments of Dh46.8 billion, or one in every 20 cheques used. Silvia Razgova / The National
A total of 1.4 million cheques failed at the point of use last year, representing payments of Dh46.8 billion, or one in every 20 cheques used. Silvia Razgova / The National
UAE federal credit check agency set for July start
The UAE Central Bank is preparing to begin trials for how the proposed federal credit bureau will operate. The pilot programme is being prepared to start in July.
The Central Bank is preparing to begin trials for how the UAE federal credit bureau will operate.
The pilot programme is being prepared to start in July ahead of a widespread roll-out next year, according to senior bankers briefed on the plans, who said the move would change the face of banking in the Emirates.
Banks, politicians and regulators have pushed for the creation of a federal credit bureau as a way of reducing lenders' reliance on post-dated cheques being used as a means of security for loans.
All banks had been consulted and were being invited to participate in the scheme, said Tom Smith, the group head of retail banking at United Arab Bank. "The credit bureau is a pilot programme, not everybody is involved in it initially," he said.
"They initially picked a number of banks, then they allow any bank that wants to be involved. There's pluses and minuses to that."
A credit bureau allows lenders to more accurately assess the risk that customers will default by providing banks with details of their borrowing history.
Currently, banks rely on security cheques from customers before the lenders are willing to lend to them. Missing a cheque payment is a criminal offence, although Emiratis are immune from serving jail time for doing so.
A total of 1.4 million cheques failed at the point of use last year, representing payments of Dh46.8 billion (US$12.74bn), or one in every 20 cheques used.
However, bankers have also cited the lack of a federal credit bureau as a reason why average annual interest rates on a UAE credit card, which are not backed by cheques, stand at 37.7 per cent, compared with a rate of 17.5 per cent in the United Kingdom.
A soft launch of the federal credit bureau had been planned for 10 participating banks, but this was later increased to 13 to include several major consumer lenders, said a senior banker, speaking on condition of anonymity.
"This is designed to ensure that all the data is working and to iron out any bugs," the banker said. "But it's important to realise there are going to be no early quick wins out of this. Bureau scores [are not] going to be produced until well into next year."
The scheme may be expanded to include small and medium enterprises, as well as telecoms and utility companies, to build a more complete view of customers' ability to repay, the banker added.
The Central Bank declined requests for comment.
Separately, it said yesterday that failed cheque payments fell to 4.7 per cent of the total presented in the first quarter of this year, equivalent to Dh15bn, and down from 5.06 per cent during the preceding quarter.
When the credit bureau is operational it will ultimately allow lenders to rate individuals, rather than discriminate based on factors that customers are powerless to control, said Praveen Bandekar, the head of the retail product division at Union National Bank.
"The credit bureau will help us to improve our market," he said. "Today you're doing mass pricing. We think a particular organisation or group of people gets written off by an aberration - when one big ticket defaults, you're taking a decision on the entire group of people. That's not fair."
In 2006, Dubai established its own credit bureau for the emirate, Emcredit, but this has been dissolved to pursue the creation of a federal entity that can rank the creditworthiness of bank customers across the country.
However, there are concerns that smaller banks' ability to access the bigger lenders' database of customers could lead them to become reluctant to share information for fear of losing their best clients.
The move follows the establishment of a direct debit scheme, a method permitting easier processing of regular payments.
The Central Bank is preparing to roll out a nationwide direct debit scheme allowing for automatic payments of mortgage, personal loans and credit card bills on June 15, following another successful pilot programme.
Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)
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Weronika Zygmunt (POL) v Seo Ye-dam (KOR)
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Ahmad Labban (LEB) v Sofiane Benchohra (ALG)
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR)
Lightweight
Mohammed Yahya (UAE) v Glen Ranillo (PHI)
Lightweight
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Welterweight
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Featherweight title bout
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The biog
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INFO
What: DP World Tour Championship When: November 21-24 Where: Jumeirah Golf Estates, Dubai Tickets:www.ticketmaster.ae.
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Bharatanatyam
A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.
New schools in Dubai
Results
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2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
Reigning Abu Dhabi World Pro champion in the 95kg division, virtually unbeatable in her weight class. Known for her pressure game but also dangerous with her back on the mat.
Nathiely de Jesus, 23, (Brazil)
Two-time World Pro champion renowned for her aggressive game. She is tall and most feared by her opponents for both her triangles and arm-bar attacks.
Thamara Ferreira, 24, (Brazil)
Since her brown belt days, Ferreira has been dominating the 70kg, in both the World Pro and the Grand Slams. With a very aggressive game.
Samantha Cook, 32, (Britain)
One of the biggest talents coming out of Europe in recent times. She is known for a highly technical game and bringing her A game to the table as always.
Kendall Reusing, 22, (USA)
Another young gun ready to explode in the big leagues. The Californian resident is a powerhouse in the -95kg division. Her duels with Pessanha have been highlights in the Grand Slams.
Martina Gramenius, 32, (Sweden)
Already a two-time Grand Slam champion in the current season. Gramenius won golds in the 70kg, in both in Moscow and Tokyo, to earn a spot in the inaugural Queen of Mats.
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FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
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Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
Get a service history for cars less than five years old
Don’t go cheap on the inspection
Check for oil leaks
Do a Google search on the standard problems for your car model
Do your due diligence. Get a transfer of ownership done at an official RTA centre
Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
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Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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Afcon 2019
SEMI-FINALS
Senegal v Tunisia, 8pm
Algeria v Nigeria, 11pm
Matches are live on BeIN Sports
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
