Abu Dhabi Court Orders Man to Repay Dh646,000 in Loan and Credit Card Debt
Court records show that the bank initially sought Dh641,000 in unpaid debt, plus Dh20,000 in compensation and legal expenses. The borrower had received financing worth Dh613,979, along with a credit card, but stopped making payments shortly after taking out the facilities.
An expert report confirmed his total outstanding debt stood at Dh641,495. The court noted that the bank had complied with all procedures and held valid guarantees, including salary certificates and cheques.
The judgment ruled that the borrower violated his repayment obligations, causing financial harm to the bank. He was ordered to settle Dh641,495, pay an additional Dh5,000 compensation, and cover legal fees. Other claims made by the bank were dismissed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
a day ago
- Al Etihad
S&P Global Ratings assigns AA- Stable rating to Masdar
20 Aug 2025 19:06 A. SREENIVASA REDDY (ABU DHABI)Masdar, Abu Dhabi's flagship renewable energy company, has been assigned a long-term issuer credit rating of AA- with a Stable outlook by S&P Global Ratings, underscoring its financial strength, global reach, and the substantial backing it continues to receive from the emirate of Abu to S&P, the rating reflects Masdar's 'extremely high likelihood of receiving timely and sufficient financial support from the government of Abu Dhabi,' given the company's pivotal role in the emirate's clean energy transition strategy. The stable outlook mirrors that of the sovereign itself, which holds an AA rating with a Stable AA- rating is among the highest grades awarded by S&P, signalling a very strong capacity to meet financial commitments and a low expectation of credit risk. The 'Stable' outlook means the agency expects this strong position to be maintained over the next 12–24 months. For Masdar, the affirmation effectively positions it just one notch below Abu Dhabi itself and places it among the world's most creditworthy renewable energy developers.S&P emphasised the ample evidence of state support for Masdar's growth. 'The group has thus far received over Dh20 billion in equity support from the government to finance its acquisitions,' the report noted. This record of injections highlights Abu Dhabi's readiness to step in with extraordinary support if ever required. 'This results in six notches of uplift from Masdar's stand-alone credit profile of 'bbb-', leading to an 'AA-' long-term issuer credit rating,' the S&P Rating said. Masdar is also benefiting from its pioneering position in green finance. Despite rising leverage, the company raised around Dh10 billion in 2025 through green bond issuances at a coupon rate of only 5%, demonstrating investor confidence and its strong access to capital rating action comes as Masdar accelerates its international expansion. From 2021 to March 2025, the company's gross capacity — including operational, under-construction and committed projects — more than doubled from 15 gigawatts (GW) to 33 GW. Its portfolio spans more than 25 countries and is concentrated in well-proven renewable technologies, particularly utility-scale solar photovoltaic and onshore wind, which together account for over 80% of its generation many of its peers, Masdar follows an investor-led approach, outsourcing operations and construction risks to third-party contractors. S&P pointed to the company's 'large, low-risk asset base' supported by long-term take-or-pay contracts, with about 97% of revenues locked in. These factors, combined with government backing, 'underpin Masdar's sound access to capital markets and good relationships with banks,' the report said. Masdar's ambition remains to increase its portfolio to more than 100 GW by 2030, a target closely aligned with the UAE's national clean energy and net-zero goals. As of March 2025, it had an advanced pipeline of 25 GW, of which 15 GW were already under development.
Filipino Times
a day ago
- Filipino Times
Abu Dhabi Court Orders Man to Repay Dh646,000 in Loan and Credit Card Debt
The Abu Dhabi Commercial Court of First Instance has ordered a man to repay Dh646,000 to a bank after he defaulted on a loan and credit card facilities obtained under a Murabaha agreement. Court records show that the bank initially sought Dh641,000 in unpaid debt, plus Dh20,000 in compensation and legal expenses. The borrower had received financing worth Dh613,979, along with a credit card, but stopped making payments shortly after taking out the facilities. An expert report confirmed his total outstanding debt stood at Dh641,495. The court noted that the bank had complied with all procedures and held valid guarantees, including salary certificates and cheques. The judgment ruled that the borrower violated his repayment obligations, causing financial harm to the bank. He was ordered to settle Dh641,495, pay an additional Dh5,000 compensation, and cover legal fees. Other claims made by the bank were dismissed.
What's On
3 days ago
- What's On
Renting in Dubai: Everything you need to know
In Dubai, you can choose from long term and short term rentals for apartments. If you're choosing to go for a short term rental, usually electricity, water and other bills will be included in the rent. Short term usually refers to under 6 months and long term will be over 6 months. Finding a property to rent There are various platforms where you can find apartments, villas or houses to rent in Dubai. Try Bayut, Property Finder, or dubizzle where many agents will advertise properties. Payments One of the main things that expats find different in Dubai is the rent payment methods. In many countries, tenants pay an equal amount every month as rent. However in Dubai, most landlords will ask that the tenant pays larger amounts via cheque, this could range from one payment to four or five payments for the entire year. Dubai Land Department, has since digitalised the process and you can now often pay via direct debit. The Rental Index for fair rent pricing The Rental Index was introduced by DLD this year to encourage fair rent for both landlords and tenants. It uses AI and big date to provide accurate predictions of rent prices for properties. The index assesses the area, building, facilities, demand and more and provides an accurate price guide. Ejari Once you have signed an agreement, you must register your tenancy contract with Ejari. Ejari means 'my rent' in Arabic and is mandatory for all registrations of tenancy contracts. Ejari ensure that all rental contracts are officially recorded and you'll need it to set up utilities. DEWA DEWA stands for the Dubai Electricity and Water Authority and the department is responsible for just that. You'll need to register and activate your electricity and water as you move in. Chiller free vs district cooling Dubai can get hot, especially in the summer so that's why most properties in Dubai will have air-conditioning in some form. There are two main types in Dubai, district cooling and chiller-free. District cooling means that there are large air-conditioning plants around the city that supply to apartments. For district cooling, there are consumption charges and demand charges. In chiller-free areas, the landlord bears the complete cost of air-conditioning and tenants only pay for electricity consumption. Hidden costs to be aware of when renting in Dubai If this is your first time renting in Dubai, being aware of hidden costs will save you freaking out when it comes to payment time when you are renting in Dubai. Agency fees. For those using an agency, these are usually 5% of the annual rent. Ejari fee. This varies due to method however the standard is Dhs100 plus VAT. Housing fee. This amounts to 5% of your annual rent and is paid through DEWA billing system. Security deposit. The security deposit is usually 5% for unfurnished properties and 10% for furnished properties. DEWA deposit. The DEWA set up is Dhs2,000 for apartments and Dhs4,000 for villas. There are also activations charges as much as Dhs300. Cooling. Some apartment towers are chiller-free which means air-conditioning is not charged for, other towers are not and you'll need to pay, plus a deposit on set up. Also read: Good news for tenants, rental prices in Dubai are dropping > Sign up for FREE to get exclusive updates that you are interested in
