UAE passport ranked 4th most powerful in the world

The passport moved up four positions in just over a month; it was ranked 8th most powerful in September this year

Dubai: The UAE passport has moved four positions up to become the fourth most powerful passport in the world. The UAE passport was ranked at number eight in September this year

According to the updated ranking on Passport Index, the UAE passport was ranked as the fourth best travel document, thanks to ease of travel to 159 countries. Emirati passport holders are allowed to travel to 162 countries without a pre-entry visa. Only a couple of years ago, Emirati citizens could travel visa-free to 88 countries.

�The UAE is the fastest-growing passport in the history of passports,� said Armand Arton, founder and president of Arton Capital.

�For such a young country this is an exceptional achievement and all Emiratis should be proud of that. Rather than the need to look for second citizenships, UAE citizens already have the strongest passport in the Arab world and their mobility is rising. They should all be extremely pleased with that,� Arton said in an emailed statement to Gulf News.

Now number one on the list is Singapore, along with Germany, followed by Denmark, Sweden, Finland, Luxembourg, France, Italy, Netherlands, Spain, Norway, South Korea and United States in the second place.

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UAE to amend retail-banking rules uae Dubai

UAE to amend retail-banking rules

Under the new rule, the bank set new terms and conditions for the transfer of personal loans or personal finance

Abu Dhabi: The UAE Central Bank has decided to amend retail-banking rules related to personal loan and other services provided to individuals.

Under the new rule, the bank set new terms and conditions for the transfer of personal loans or personal finance from one bank or a finance company to another.

As per the rule, banks and finance companies are obligated to reduce the interest rate, not increasing the period of loans and other facilities for retail loans, which will be given to individual customers after the issuance of the new amendment.

The move came after a decision issued by the bank�s board and was published in the official gazette.

As per Federal Law No 10 of 1980 concerning the Central Bank, the monetary system and regulation of the banking profession, and after having reviewed its thereof and regulation No. 29 of 2011, the bank�s board has decided to replace paragraph (B) of article 20 concerning personal loans as follows:Any borrower is entitled to transfer his personal loan/financing from any bank or a finance company operating in the country in return for an early repayment commission not exceeding 1 per cent of the remaining amount of the loan, or Dh10,000 whichever is less.

Other UAE-based banks or finance companies are entitled to accepting the transfer of the personal loan under certain conditions, including their full commitment to the new rules, especially those related to the loan amount, duration of repayment and monthly instalments.

Regarding loans that were granted before the issuance of the new rule, banks and finance companies should reduce the interest rate and not to increase the repayment period, or giving additional loan or finance to the borrower.

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