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Date: 18/12/2008

‘UAE Government taking right steps to tackle liquidity crunch’

Obaid Humaid Al Tayer, Minister of State for Financial Affairs said the UAE government is taking the right steps to contain the liquidity crunch and prevent an economic slowdown. He also said he is positive about the UAE's growth in 2009, and that the government will take necessary measures to tackle the issue, including injecting even more funds into the financial system.

Plans to introduce a law to ensure banks guarantee deposits is a step in the right direction. It can very well help UAE banks to weather the current crisis. Recently issued decree regarding Mortgage Law No 14 for 2008, legalizing the housing finance sector will also help better regulate the emirate's growing real estate market, partly tainted by project delays and corruption probes. This in the long run would help the banking sector to weather the current storm.

The Law No.13 of 2008 introduced recently in Dubai to regulate off-plan sales and mandates registration with the land department in Dubai will also help sustain real estate sector in the region. This is yet another law to safeguard the interests of the real estate investors and buyers of off-plan property in the emirate.