Property investors need to obtain prior approval of the Abu Dhabi Department of Transport if they want to get loans from local banks under a new decision by the Central Bank, a UAE newspaper reported on Thursday. The Central Bank had issued circular asking banks not to finance any property project unless investors get consent from the Department of Transport to develop that property and ensure it meets parking requirements. “All banks and finance companies operating in the UAE are asked to cooperate with the Department of Transport in this regard…this measure is intended to support the Department’s strategy to tackle the car parking problem in the city,” the circular said, according to 'Al Bayan'. It said the Central Bank issued that circular after receiving a letter from the Department of Transport, which has been locked in a project to set up paid parking spaces for vehicles in the capital in a bid to tackle bottlenecks. “The letter also disclosed that the Department is in the process of issuing a new decision requiring property developers to pay Dh50,000 in case they could not provide a parking space in their area,” it said.