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Old 30th Oct 2008, 11:44
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Marooned
 
Join Date: Jun 2006
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Compared with the billion dollar losses elsewhere any would be commissions would be a drop in the ocean. Some banks may even pull out of the mortgage market completely.

Banks outside the UAE are consolidating and in no mood for taking any unnecessary risks on top of those already made. As for those inside, they rely on the reserve bank to provide the liquidity needed for loans. The problem is that they are aware that the market has way overheated and that the short term speculation in the market has damaged the desired sustainable long term growth. I don't think they want to add more fuel to the fire either.

Further growth at the current rate only suits the speculators not the government or anyone else.
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