Browse related articlesUAE worries on consumer debt
United Arab Emirates: Sunday, August 31 - 2008 at 09:36
A potential debt crisis is beginning to worry analysts due to rising inflation in the UAE. Inflation is seen as fueling consumers to turn to borrowing to finance the soaring cost of living in the UAE, Khaleej Times has reported. The UAE central bank data has recorded loans advances and overdrafts surging to Dhs43.9bn in the year to March 2008, a 38% increase over the same period in 2007. It also noted the UAE's daily per capita consumer spending is among the highest in the world at $27, against an average of $3.50 in the rest of the Arab world.
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Medilyn Manibo, Assistant News EditorSunday, August 31 - 2008 at 09:36 UAE local time (GMT+4)
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