The UAE's bankruptcy laws are hampering lending to businesses and are in urgent need of reform, the chief executive of one of the country's biggest international banks warns.
Outmoded laws and lack of a formal bankruptcy code were affecting banks' ability to lend, particularly to the entrepreneurs and small businesses that drive economic growth, said Jonathan Morris, the UAE chief executive of Standard Chartered.
"The frustration is that you look at this incredible physical infrastructure that we've built, in a place that continues to recognise the benefits of world-class infrastructure through rail, roads, ports and telecoms … and how that's made the UAE such an attractive investment destination," he said.
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