Bank credit to the UAE real estate sector lost steam it gained through 2010 and dropped by around 1.4 per cent in the first five months of 2011 as the sector appears to be still reeling under the 2008 global fiscal crisis.
The current political unrest in the Middle East and North Africa also seems to have allied with the post-crisis tightness by UAE banks’ to keep overall credit growth at low levels despite acceleration in the country’s GDP growth.
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