When HSBC thought it was fashionable to look for profits in the Middle East, many people thought economic woes in the US and UK could not touch Arab nations. In fact, newspaper report orginally stated that the Middle East did not suffer from the world economic crisis. That is not true.
UAE mortgage defaults jumped 25 percent in the first six months of 2009, proving that nothing is totally safe.
“We will no doubt see stresses in mortgage portfolios emerging, and there are players who are in trouble because of falling property prices,” Venkatesh Srikantan, regional head of assets and liabilities at HSBC, was quoted as saying.
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