The United Arab Emirates'' largest bank has halted retail lending to foreigners employed by top Dubai property firms on fears a slowdown could jeopardise their jobs and income, an internal document obtained by Reuters said.
Emirates NBD instructed staff on November 6 by email not to grant retail credit to foreigners working for firms including as Emaar Properties, Tamweel and state-owned Nakheel, the memo showed. The memo was published by a magazine earlier on Thursday.