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Not only are real estate sector employees facing possible lay-offs, they are also now being rejected for loans from banks.
November 13, 2008 2:10 by kippreport
This must certainly be one of the most harrowing times for people working Dubai’s real estate companies. For one, every day could potentially be the day they officially become unemployed, as property companies announce large scale lay-offs.
And now, banks have reportedly stopped lending them money. Gulf News says that Emirates NBD, the region’s largest lender, has suspended retail credit facilities to real estate employees. The bank, however, told us that operations were continuing as usual, without any such changes.
But we did hear the news again from insiders at another bank which is refusing loans to property employees. Are you one of those who has been rejected a loan because of working with real estate?
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2 Comments
It’s the way many businesses throughout the world keep up with the Joneses. Play it safe. Retrench. Clam up. Till one day, a resourceful guy decides to stand up and say, “Enough is enough. I’m going to change the course.” And the trend begins to reverse as others emboldened by the brave man decide to follow suit.
And then the banks will begin to lend again and woo the customers they shunned before, offering loans in 24-hours and Credit Cards with fancy limits – never mind the small print, ‘Conditions Apply’. And the economy will boom; until the next crash.
Most banks would have to close if the customers feel that banks are not with them in times of need.
Excellent, thanks!