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UAE banks seek to expand real estate loans
- United Arab Emirates: Wednesday, February 20 - 2013 at 06:21
The Emirates Banks Association (EBA) asked the central bank for permission to free up more money for the real estate and construction industries, as they seek to revive credit growth in the second-biggest Arab economy, Bloomberg has reported. The push comes after banks lobbied to renegotiate curbs on mortgage lending introduced in December. EBA, , which includes HSBC and National Bank of Abu Dhabi (NBAD), is recommending that the regulator exclude mortgage loans from the category of credit extended to other real estate projects. Proposals also include raising to 20% the ratio of deposits banks can lend to real estate, said chairman of the EBA, Abdul Aziz Al Ghurair. "We want mortgage lending to be set aside from real estate because it's completely different from commercial properties and shopping centres," said Al Ghurair, who's also the CEO of Mashreqbank.
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