|By Matein Khalid| The global credit cycle has an immediate impact on the UAE via oil prices, the US dollar peg, cross border bank credit flows, Federal Reserve monetary policy and world trade. The IMF has cut its 2016 growth forecast to 2.6%, the lowest since 2010. A leading developer just booked a 20 fold rise in penalties from walkaway offplan home buyers. Banks hire “loan rangers” to chase skippy clients. Equities are in a bear market. The UAE credit cycle has turned ugly in 2016.