Leaving with an unpaid debt is not theft. It is breach of contract and the bank has all the usual remedies available under law. Of course they will lose the leverage of throwing you in jail for bouncing a ridiculous security cheque. Then you can negotiate from a position of strength rather than weakness.
The listing with Interpol is nonsense. You can look up all the red notices on their website and there are zero for the UAE. I suspect the banks got their arses handed to them in 2009 for abusing the system.