I have heard that all the countries who are the members of Gulf Cooperation Council are waiting for the Saudi Arabian mortgage law and that they think the Saudi mortgage law will be the potential model for them.
What I want to ask is that will it be appropriate for Dubai and UAE to accept as a role model, a country's mortgage laws which is in its initial stage?
You are right at that as it is a newly developed model But look at the different experiences Saudi Arabia has gained from its neighboring economies. Secondly and also very importantly, Saudis have a much more controlled structure in terms of everything including developmental infrastructures, which is the part missing else where. A planned and sustainable growth has always been frowned upon by other GCC countries and new laws are sure to keep that in check specially after the Dubai real estate episode.
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