Outlook for property market positive: Bank

According to the CEO of Standard Chartered Bank, the realty market is more robust this time around with measures taken by the Central Bank paying off. The general outlook for the UAE's banking sector and property market is positive, says Standard Chartered Bank CEO for the UAE Mohsin Nathani.
Khaleej Times reported that he welcomed the new regulations issued by the Central Bank of the UAE for the betterment of the industry, especially for the property market. “Our view is generally positive on the outlook over there,” he said for the sector. Citing an example of the property market at its peak time in 2007, he said: “We are seeing a more robust market this time.”
The increase in the transfer fee by the Dubai Land Department is an important step, he added. Regarding debt restructuring, he said that overall credit portfolios of banks are good and they are comfortable. “It’s not a worrying sign for the banking industry anyway,” he emphasised.
Nathani discussed the bank’s financial performance for the first half of 2014 and expectation about the second half of the year in the UAE, in addition to sharing his views and thoughts on the banking industry. It was his first interaction with select UAE media after taking over charge as the new CEO in February. He said that the UAE market is very important for the bank as it is among top five markets globally in terms of revenues.

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