One in four UAE residents owe banks more than $68,000

Posted by: David Edwards Monday, 4 July 2011 9:51 AM[UAE] - UAE

You don't have to be a professional market researcher (which I am) to realise that this survey is deeply flawed and just plain wrong. The "sample" of 342 respondents is in no way representative of the UAE population, as it is self-selecting and derived solely from readers of AB.com - likely to be people in business management positions, not shop workers, labourers, teachers etc.

Posted by: Telcoguy Monday, 4 July 2011 11:26 AM[UAE] - UAE

I did not see that part, if this is a sample of readers, then khalas. this is useless to understand the situation in UAE.

Posted by: Tony Monday, 4 July 2011 9:50 AM[UAE] - UAE

I would also be interested to see a breakdown of nationalities for those who were questioned for the survey. I suspect that most if not all were expats, and if that's the case why are we not told? Do we assume that Emiratis are as much in debt as expats, that they do not have debts, or that we are not entitled to know. As for the police making threatening calls, they should try doing that to the banks who persist in bombarding consumers with cold calls offering loans and mortgages. I remember the days when banks' marketing was all about persuading us to save money. Now it's all about persuading people to borrow money they can't pay back so that they can live beyond their means.

Posted by: Telcoguy Monday, 4 July 2011 9:50 AM[UAE] - Uae

Omar, before jumping to conclusions; You may be well right that people, or at least some people, are still living beyond their means but I think we should wait to get some answers about the methodology of this work. See my other questions, but I find this numbers quite suspect, i thunk the sample may not be representative, with for example laborers being underrepresented (and inflating the total debt numbers)

Posted by: Omar Sunday, 3 July 2011 7:10 PM[UAE] - UAE

You would think that seeing what has happened in the USA where US nationals were the leading debtors would have spurned UAE residents to reduce their spending and debt.

But unfortunately, spending beyond ones means appears to be UAE tradition, from government, to nationals, to expatriates.

It also seems that the banks have not learnt their lesson as they are back on the phones and emails trying to push credit on consumers. I for one am fed up with banks calling me to take personal credit in one form or another. Are they doing this with businesses or just individuals? If to businesses that might help the economy, if ony to the individuals then we are doomed again to suffer another crisis.

Posted by: shaddy Thursday, 14 July 2011 3:28 PM[UAE] - india

I agree with you Omar!!