Commercial Real Estate News
Emaar Gives Mortgage Payers More Time
(DUBAI, UAE) - Even in the UAE where the world crisis in liquidity has been answered by sizable injections of money into the banking systems, some are feeling a pinch in available credit that they haven't experienced during the past eight years of tumultuous and continuous growth.
A senior official from Emaar, the Arab world's largest developer by market value, said today that the company was making it easier for customers to pay for their property by giving them more time to secure financing.
Issam Galadari, chief executive of Emaar Dubai and managing director of international operations, explained that tightening of credit by local banks led to the new policy which has been in effect for more than a week.
"The credit crisis has affected everybody ...We have extended the time for them [clients] to pay their money," Galadari told a reporter at a World Ecnomic Forum meeting that began today in Dubai. The new policy will last for an unspecified time until the credit crunch eases, he said.
We have to rely on these institutions ... they are financing our customers, and we have pre-sales," Galadari added.
Galadari said also that Emaar has many projects "on the drawing board," two in different areas of Dubai for 2009. "We are working on these, but it will depend on the market."
