Qatari Banks Ease Property Loan Repayments After GCC Standoff - Bloomberg:
Qatar’s banks eased repayment terms on real-estate loans after the Saudi Arabia-led standoff hurt property prices, according to the chief executive officer of Doha Bank QSC.
“Cash flows have been redefined, debt has been restructured to see that debt-servicing capacity is not in danger for real estate owners,” Raghavan Seetharaman said in an interview with Bloomberg TV on Monday. “Banks are also cautious in terms of overall lending for real estate.”
The price of office space in Doha has fallen by 50% to 60% since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic relations and closed transport routes with the Persian Gulf nation in June 2017, according to Seetharaman. The four Arab countries accuse Qatar of funding Islamist terrorism, charges that Qatar denies.
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