November 20, 2008, DUBAI - Amlak Finance PJSC has temporarily stopped issuing new home loans as the global credit crisis threatens Dubai's property market. "We are reviewing our existing credit policy to ensure optimum servicing of existing and prospective accounts," Dubai-based Amlak's Chief Executive Officer Arif Al Harmi said in an e-mailed response to questions by Bloomberg News, reported Gulf News.

As economic growth and oil prices fall worldwide, the emirate prepares for a slowdown in the property market. The city is considered the most vulnerable place in the Gulf to lower oil prices as real-estate and debt financing pose risks, Citigroup Inc. said yesterday.