Banks’ unwillingness to lend is paralysing business in the UAE and risks prolonging the downturn, a senior business leader has warned.
Mishal Kanoo, deputy chairman of conglomerate The Kanoo Group, which has operations in everything from travel to machinery and oil and gas, heaped blame on international and local lenders in the country and said they did not ‘trust’ the companies and individuals, to whom they lend.
“Start being the backbone of the economy, because if you don’t you will crush us [business],” Kanoo said.
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