arabianmoney.net: Dubai Bank nationalized to protect UAE banking sector from crash

United Arab EmiratesFrom arabianmoney.net

The Dubai Bank has been taken over by the Dubai Government to protect depositors and the UAE banking sector from a crash.

This will result in another significant write-down for Emaar Properties which owns a 30 per cent stake. The balance is owned by Dubai Holdings in turn owned by the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.

Read the rest here.

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