GCC mortgage sector 'needs good governance'

Good corporate governance practices will reflect positively on GCC-listed real estate companies, said CEO of Abax Group.

Speaking ahead of the upcoming GCC Mortgage Summit in Bahrain, Richard Arlove said: "Sound corporate governance must be the foundation of the GCC's mortgage sector.

"Good corporate governance practices will reflect positively on the region's bourses and listed companies, especially those linked to real estate market, given that real estate is a catalyst for economic growth."

He said heavy real estate debt and fraud must be stamped out.