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UAE banks agree to suspend action against indebted SMEs

Published Mon, Mar 28, 2016 · 09:50 PM

Dubai

BANKS in the United Arab Emirates will suspend legal action against small and medium sized enterprises (SMEs) struggling to repay debt for up to three months to prevent a surge in defaults that may jeopardise the economy.

The initiative, which involves businesses working with lenders to restructure their loans, is intended to give breathing space to SMEs, which contribute around 60 per cent of UAE's gross domestic product.

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