Debts cleared for more than 3,000 Emiratis

More than 3,000 Emiratis with debts of Dh361 million in total have had their dues waived by the country’s debt relief fund in co-operation with banks.

The Non-performing Debt Relief Fund worked with 13 banks to waive Dh361million owed by 3,310 debtors, according to a statement on Wam on Saturday.

Jaber Al Suwaidi, the director general of Abu Dhabi Crown Prince's Court and chairman of the Chairman of the Supreme Committee of the Debt Settlement Fund, said the aim was to secure the living conditions of citizens and enhance the financial stability of their families.

The fund was established under the directives of the President, Sheikh Khalifa, to address the issues and concerns of citizens and provide them with the means for a decent standard of life.

Mr Al Suwaidi said the decision announced on Saturday was taken to coincide with the Year of Tolerance and thanked the banks for working towards the initiative to forgive the debts of those who had defaulted.

The banks that participated included Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi First Bank, Dubai Islamic Bank, Ras Al Khaimah National Bank, Al Hilal Bank, Union National Bank, Noor Islamic Bank, Emirates Islamic Bank, Commercial Bank of Dubai, Sharjah Islamic Bank and Arab Bank for Investment and Foreign Trade.

Awareness sessions on financial literacy have been conducted to explain the risks of living on credit and teach young people to manage their personal finances after surveys showed the need for more information about savings.

About 54 per cent of youth said their financial behaviour was largely influenced by their friends, as per a 2013 study by the Emirates Foundation for Youth Development.

An earlier study in 2011 by McKinsey & Company showed that 70 per cent of UAE nationals younger than 35 were in debt.

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

Benefits of first-time home buyers' scheme

Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates

RESULT

Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')

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Who has lived at The Bishops Avenue?

George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.

Hunting park to luxury living

Land was originally the Bishop of London's hunting park, hence the name
The road was laid out in the mid 19th Century, meandering through woodland and farmland
Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds