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Wednesday, 6 May 2009

UAE lenders expect to see rising mortgage defaults

Mortgage defaults are expected to rise in Dubai this year due to the global downturn, Amlak Finance, an Islamic lender being rescued by the government, said on Tuesday.

"We are experiencing more delinquencies in terms of mortgages in 2009 and it will be very challenging to manage going forward," Max Hamidi, chief financial officer at the Islamic mortgage firm, said at a conference.

"The default on mortgages is growing and it will probably grow further," he said.

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