Dubai Bank offers new deals to UAE public sector staff

Dubai Bank will offer UAE nationals in the public sector up to 80 percent real estate financing and personal financing with attractive terms and faster processing, the company said on Wednesday.

One of the key features of the new package is the availability of 80 percent financing for real estate and faster, streamlined processing times for UAE nationals employed in government and semi-government entities.

This will enable eligible nationals to purchase completed properties or finance construction of freehold properties in Dubai and Abu Dhabi, the bank said.

“Our new financing solution, developed in line with our prudent risk management policies, enables UAE nationals to achieve their short and long term financial goals, while having a positive impact on the overall economy,” said Mohammad Amiri, head of Retail Finance at Dubai Bank.

Emiratis have traditionally looked for jobs in the government sector, which is seen as more secure than the private sector and offering more perks, such as generous pensions.

The UAE Minister for Higher Education and Scientific Research, Sheikh Nahayan Bin Mubarak Al Nahayan, told a conference last month that the government may need to intervene further in the labour market to ensure that nationals find work in the private sector.

Most UAE banks offer loans to nationals at more attractive rates than to expats, who are seen as higher risk.

A senior RAK Bank official said on Sunday that some UAE banks are seeing up to 2,500 customers leave the country every month without paying off their credit card bills, and that the number could rise in June when the school year ends.

READERS' COMMENTS

MORE FROM ARABIANBUSINESS.COM