UAE's largest bank reportedly halts consumer credit to employees of Dubai developers

Foreigners employed by property developers in Dubai are allegedly to be denied credit by the UAE's largest bank.

Emirates NBD reportedly sent an internal email instructing its employees not to grant retail credit, also known as consumer credit, to staff working for 12 of Dubai's leading property firms.

The move means that Britons employed by companies such as Emaar, Nakheel, and Dubai Properties could find their personal credit severely restricted.

A memo reported in a local magazine said: 鈥�"In view of the current market scenario, it has been decided to suspend retail credit facilities to expatriate employees working with the below mentioned employers, due to possible restructuring, lay-offs and job loss."

Emirates NBD immediately denied the story, but the Reuters news agency later confirmed that the memo existed.

The 12 firms on the list are: Amlak, Damac Holding, Damac Invest Co, Damac Investment & Properties, Daman Investments, Dubai Properties, Emaar, KM Properties, Nakheel, Sama Dubai, Tamweer and Union Properties.

Damac, the largest private property company in Dubai, admitted earlier this week that it will be making 200 redundancies in view of the credit crisis. Emaar also confirmed that it is looking at restructuring its personnel.

Topics