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29 February 2024

No rescheduling of loans: Hydra

By Staff Writer

Hydra Properties company said yesterday it had no plans to reschedule loans to debtors as it had offered property clients flexible payment facilities.

Hydra Chief Executive Officer Sulaiman Al Fahim said the global financial crisis had made banks more cautious in extending loans but added Hydra and other real estate companies had not been affected.

"As for our clients, we have implemented a payment policy and our policies are very flexible and creative ones regarding payments, especially towards the payments of installments," he told Hydra bulletin distributed at the real estate show in Abu Dhabi yesterday.

"Due to this implementation of flexible policies, we will not be compelled to do any rescheduling in the payment plans."

Fahim said the global crisis had impacted many institutions around the world but added the impact on the UAE real estate has remained minimal.

"We here in the UAE are far away from that scenario and from such economic malpractices as our leaders have planned clear economic strategies build on the solid state of the economy," he said.

"However, as I previously mentioned, our economies are interwined with those of the global economies and it is only natural that we get affected but to a very slight degree not exceeding nine per cent."

He said some banks and companies from the GCC had suffered from losses because they have heavily invested in countries that are interwined in the crisis.

"The global lack of confidence can spin off to the local markets in fear of the crisis affecting the GCC and it will naturally be reflected by a slowdown in the real estate markets."