Business leaders call for easing of loan rules

Dubai: Businessmen have recommended the UAE Central Bank address the pressing issues of restricted bank lending to businesses during a meeting held by the Dubai Chamber of Commerce and Industry between leading Dubai businessmen and officials of the Central Bank.

The meeting came as part of the Chamber's efforts to enhance communication, cooperation and partnerships between the private and public sectors and to support the economic prosperity of the country. The major issue was to address challenges faced by the business community.

Khalil Mohammad Sharif Fouladi, Chairman of the Central Bank, said the banking sector was performing well and there was no shortage of liquidity in the country to be invested to enhance economic growth.

Investment

Al Fouladi said few businesses faced the challenges of some banks unwilling to provide financing for new investment triggered by the global financial crisis.

He assured the Central Bank would discuss this with other institutions. He suggested developing a mechanism for granting loans which will directly support the investment objectives of the country.

Many of the businessmen called on the Central Bank to urge local banks to provide credit facilities for businesses operating in the export and re-export sector.