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GCC banks exposed to property
- Middle East: Sunday, October 05 - 2008 at 13:47
Banks in the GCC have potentially left themselves exposed in the real estate market if global financial problems continue to hit investors. The former CEO of Oman International Bank and Gulf Bank, Kuwait, John Wright, has said foreigners who speculated with property in the GCC - and in particular Dubai - might find that they struggle to pay their mortgages if they have financial issues in their home country. Wright has said that GCC banks must limit their exposure to property, as there is a chance that the real estate will slow down.
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StaffSunday, October 05 - 2008 at 13:47 UAE local time (GMT+4)
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