The United Arab Emirates' largest bank has halted retail lending to foreigners employed by top Dubai property firms on fears a slowdown could jeopardise their jobs and income, an internal document obtained by Reuters said.

Emirates NBD instructed staff on November 6 by email not to grant retail credit to foreigners working for firms including Emaar Properties, Tamweel and state-owned Nakheel, the memo showed.

The memo was published by a magazine earlier on Thursday. The bank denied the move.

'Emirates NBD denies the content and context of the recent media reports referring to the group stopping lending to expatriate employees of a number of real estate companies,' it said in a statement sent to Reuters.

Suvo Sarkar, general manager for retail banking at Emirates NBD declined to comment, and Sanjay Uppal, the group's chief financial officer was not immediately available.

But two staff members at the bank, who requested anonymity because they were not authorised to speak to journalists, confirmed to Reuters that the memo had been circulated within the bank.

'In view of the current market scenario, it has been decided to suspend Retail Credit Facilities to Expatriate Employees working with the below mentioned employers, due to possible restructuring, lay offs and job loss,' the memo said.

'Branches are advised not to grant retail facilities to the Expatriate Employees working with these organisations with immediate effect,' said the memo, which carried the signoff of the group's head of retail credit, Amal A. Al Serkal.

The memo stipulated that the bank should no longer provide retail credit to people working for 12 firms.

The list also included Damac Holding, Union Properties, Amlak, Damac Invest, Damac Investment and Properties, Daman Investments, Sama Dubai, Dubai Properties and KM Properties.

The memo came amid fears that Dubai's five-year-old property boom is grinding to a halt as property prices fall and developer stocks plunge.-Reuters