
The Gulf has largely avoided the writedowns of repackaged subprime mortgages that unleashed such havoc on global financial markets last year. But instead, the nascent local mortgage industry has been hit by a slump in domestic property.
By Robin Wigglesworth
Published: July 29 2009 16:57 | Last updated: July 29 2009 16:57

The Gulf has largely avoided the writedowns of repackaged subprime mortgages that unleashed such havoc on global financial markets last year. But instead, the nascent local mortgage industry has been hit by a slump in domestic property.