Amlak 'no' to new home loans
Dubai, November 20, 2008
Amlak Finance, a leading mortgage lender, has put a stop on new home loans amidst growing fears that the global credit crisis will hit Dubai's property sector, a report said.
'We are reviewing our existing credit policy to ensure optimum servicing of existing and prospective accounts,' Dubai-based Amlak's chief executive officer Arif Al Harmi was quoted as saying in the Bloomberg report.
Dubai is seen as vulnerable to the global economic slowdown and plunge in oil prices, and real-estate and debt financing pose risks, according to Citigroup Inc.