Recently, the Federal National Council passed a credit information law for the UAE. This law reflects the maturing nature of the nation's knowledge-based economy, as information is seen as a pillar of such an economy.
The law could not have come at a more opportune moment. The global economy continues to see financial turmoil, the worldwide credit crisis continues unabated and the number of debt defaults is rising by the day.
The law, once implemented, will give lenders in the UAE access to comprehensive credit information and help them accurately assess the creditworthiness of potential borrowers. This will let them implement improved risk-management policies. In addition, provisions in the law will ensure that privacy rights of the public are further protected. The importance of this cannot be overstated, given that privacy is a basic human right.
The law creates a framework of rights and obligations for data providers, information users and, most importantly, the public at large. It provides that information needed for accurate decision-making is shared and therefore transparent, while at the same time guaranteeing the privacy and confidentiality of relevant personal information. This is in line with international best practices.
The law is of utmost importance to UAE given the fact that the nation does not have a comprehensive law on insolvency and bankruptcy. Insolvencies are governed by UAE Federal Law No 18 of 1993 (Commercial Code), which provides a mechanism for the administration of the estate of a bankrupt. While the Commercial Code provides the general legal framework governing the procedures and effects of bankruptcy in the UAE, it, does not accurately address the issue of efficiently valuing and distributing the assets of a bankrupt company to creditors in accordance with their hierarchy - that is, secured, unsecured, preferred and other creditors.
Furthermore, insolvency in the UAE is something relatively new, and the laws concerning this are still untested in the courts. This leaves the insolvency process, in the event of a default, hard to predict.
As an example, the Commercial Code provides that employees of a bankrupt company may be paid their wages and salaries for a limited period as a first priority regardless of any other debt owed by the company. By contrast, the UAE Labour Law states that the entire amount due under the same law - which essentially includes all end-of-service benefits of the employees - will constitute a first priority charge over movable and immovable assets of the employer, which shall be paid immediately upon settlement of any legal and other expenses as detailed in the law.
It is thus clear that there is a marked contrast in wordings between the two articles, which might give rise to confusion. Additionally, in light of no major precedents in insolvency laws due to its relative infancy, lenders are apprehensive about the recovery of their loans - including principal and interest - after a borrower defaults.
The Credit Information Law will strengthen the UAE's economic and regulatory framework and lead to greater transparency in the financial sector. It will enable lenders to make informed decisions on lending, thereby limiting their exposure to high-risk persons and potential defaulters. Consequently, it will have a marked effect in diminishing the chances of insolvency proceedings, which as yet are not fully tested in the courts and thus may take years until final recovery can be made. Further, it will encourage lenders to provide money to eligible borrowers - after being satisfied with their creditworthiness. Credit is, after all, the lifeline for any economy. In this way, a stitch in time saves nine.
The Credit Information Law is particularly important in a country such as the UAE, which has a large expatriate population, a strong credit market and is constantly witnessing rapid economic growth. Quite simply, it should make credit and borrowing a more streamlined process. This development also brings the UAE into line with most mature financial markets, and represents another step forward for the UAE on the global stage.
Shoeb Saher is a senior associate in Dubai at Habib Al Mulla and Co, a law firm
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
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At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
COMPANY%20PROFILE
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Company%20profile
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UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
NINE WINLESS GAMES
Arsenal 2-2 Crystal Palace (Oct 27, PL)
Liverpool 5-5 Arsenal (Oct 30, EFL)
Arsenal 1-1 Wolves (Nov 02, PL)
Vitoria Guimaraes 1-1 Arsenal (Nov 6, Europa)
Leicester 2-0 Arsenal (Nov 9, PL)
Arsenal 2-2 Southampton (Nov 23, PL)
Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)
Norwich 2-2 Arsenal (Dec 01, PL)
Arsenal 1-2 Brighton (Dec 05, PL)
Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
COMPANY%20PROFILE
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Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
