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UAE hikes interest rates: How will it impact your EMI?

According to the UAE central bank, the changes will be effective starting Thursday

The United Arab Emirates central bank said on Wednesday that it was raising key interest rates by 25 basis points, effective on Thursday, in response to the rate increase by the US Federal Reserve.
Rates on certificates of deposit issued by the UAE central bank will increase, and the repo rate at which financial institutions borrow short-term liquidity from the central bank will increase to 1.25 per cent, it said.
Fed hikes key rate for second time in 3 months
What it will mean for UAE residents - you and me - will depend on how the banks pass on this interest rate hike. It is likely that the banks will start offering a better deposit rate for money invested your savings accounts and fixed deposit instruments.
It is also likely that the cost of borrowing goes up, which means that, for individuals, car loans, personal loans as well as home loans could get more expensive.
It is totally up to individual banks to decide the amount of interest rate hikes the implement after the move.