First Casualties of the Global Credit Crunch are Expatriate Employees

Realty check: The big crunch
XPRESS - Dubai,Dubai,United Arab Emirates
Hundreds of expatriate employees of property giants here may be among the first local casualties of the global credit crunch.

In the latest sign of diminishing appetite for risky loans, a confidential circular by Emirates NBD issued on November 6 has advised their staff to suspend credit facilities to expatriate employees of nine property developers. ...