Barclays wins foreclosure orders on Dubai homes

11 January 2010

Barclays has won the first foreclosure orders in Dubai, clearing the way for lenders of home loans in the emirate to take action when borrowers don't pay, Bloomberg has reported. Barclays said in an e-mailed reply to questions from the newswire that it won the foreclosure orders, without providing details of the cases. The ruling shows that Dubai's market is 'evolving and is poised to come at par with other mature markets of the world,' the bank said.

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