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Banks face risk as property market cools
- United Arab Emirates: Tuesday, December 30 - 2008 at 10:18
Banks in the UAE face an increasing risk of loan defaults as the country's property boom loses steam amid the global credit crisis, Bloomberg reported. 'Given the scale of banking sector exposure to property developers and contractors, a problem for the property sector is substantially a problem for the banks,' said Raj Madha, a director responsible for equity research at EFG-Hermes Holding SAE.
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StaffTuesday, December 30 - 2008 at 10:18 UAE local time (GMT+4)
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