Falconcity chief calls for lending restart

Salem Al Moosa said banks should be joining developers at Cityscape instead of being 'tucked away in their offices'

The chairman and CEO of Falcolncity of Wonders – a Dubailand project containing giant reproductions of some of the world’s most famous landmarks – has called on banks to start providing financing for investors again.

“The main spine of the real estate market is finance,” said Salem Al Moosa.

“Banks are in a good situation right now; I don’t see why they’re tucked away in their offices instead of joining us here at Cityscape, providing a one-stop-shop for investors."

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“Banks need to make money and they can’t do that from savings deposits or current accounts – they need to lend money to people who are considering options.”

Al Moosa admitted that financial institutions had lent a lot in the past and had maybe made mistakes in who they lent to and in what quantities, but he insisted that now was not the time to shirk their responsibility.

“If they don’t look at lending soon, it could be another setback to the real estate industry. We’ve already helped our investors by restructuring our payment terms and offering packages. It’s time the bankers came forward.”