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Friday, 27 November 2009 09:32 UAE time

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UAE's Finance House eyes fund for business loans

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 26 February 2009
<br />MONEY MATTERS: The five-year fund will try attracting cash from state & quasi-state institutional & high-net-worth investors.

MONEY MATTERS: The five-year fund will try attracting cash from state & quasi-state institutional & high-net-worth investors.

Abu Dhabi-listed Finance House said on Thursday it planned to launch a 250 million dirham ($68 million) fund to lend money to local businesses unable to obtain credit from banks.

The five-year fund would strive to attract cash from state and quasi-state institutional and high-net-worth investors, Finance House said in a statement, adding that fund proceeds would help encourage new lending amid tight credit conditions.

The fund would "channel the community's surplus cash resources into creditworthy businesses that require these funds", Finance House Chairman Mohammed Al Qubaisi said in the statement.

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"It is especially important in the current environment where traditional bank finance has become difficult to obtain." (Reuters)

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    27 Nov ' 09 at 09:22
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