"Back then, there was no shortage of personal credit in the UAE market, with banks and credit-card companies falling over themselves to offer products to consumers intoxicated by the boom. There was always going to be tough competition for Dubai First.
As it turned out, the boom was nearing its end, with the credit crunch of 2008 turning into the credit crisis of 2009. Dubai First's launch projections were turned on their heads, and it became a matter of survival. To have achieved and maintained a 4.5 per cent share of the UAE credit market in such circumstances is no mean achievement.
Having stuck with it so long in the face of adversity, the decision to sell the business is a brave one."
'via Blog this'
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