UPDATE 1-UAE banks weighing proposed caps to property lending - Reuters:
The United Arab Emirates’ bank lobby is proposing limits on bank lending to the real estate sector to protect them from being overexposed to the sector, a senior bank executive said on Tuesday.
The UAE, home to the world’s tallest tower, the Burj Khalifa, has faced a sharp real estate slowdown due to oversupply and weaker investment appetite amid lower oil prices.
“There is a draft paper for real estate lending with the UAE Banks Federation (UBF) and the banking sector which will review and give feedback to have a proper policy in lending cap for the real estate sector,” said Abdul Aziz al-Ghurair, head of the United Arab Emirates Banks Federation, on the sidelines of a conference.
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