Tayseer is Good News for the Banking Sector

In an effort to promote development and encourage the completion of planned building projects in Dubai, the Dubai government recently established Tayseer. Tayseer is the newest initiative to guarantee financing for property developments. This acts as a safety net, encouraging financial institutions to lend the money needed to begin or complete planned projects. Dubai Emirates Islamic Bank was the very first to obtain approval for the program, but several more strategic partners will be announced soon.

The goal of the Tayseer program is to build confidence in the economic standing of Dubai. With government guaranteed loans, banks will know the return on investment is backed by the financials of the Dubai government. Once these initial loans are made, it is expected that financial institutions will be more willing to loan the needed capital for other projects that have been left abandoned and unfinished.

Throughout the last several quarters, the banking sector has been one of the few sectors to see gains, and several times this sector has been responsible for carrying the overall market out of the red. As confidence in the economy grows as a result of the Tayseer program, it can only be expected that growth across the banking and financial sector will follow.

The many banks and financial institutions around Dubai will need the professional support to back this growth. While finding a job in Dubai may have been challenging over the last year, it is quite apparent that things are about to change for the better, for both the banking sector and the job market as a whole.