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Dubai steps in to take over cash-strapped bank

Dubai steps in to take over cash-strapped bank

Dubai's government says it has intervened to immediately take over a bank controlled by an indebted investment company run by Dubai's ruler.
The emirate's media office said Monday it will immediately pump an undisclosed amount of fresh funds into Dubai Bank. It says the government acted swiftly to "ensure the preservation of all of Dubai Bank's depositors' interests."
Dubai Bank was 70 percent owned by Dubai Holding, a conglomerate which is personally controlled by the city-state's hereditary ruler, Sheik Mohammed bin Rashid Al Maktoum. The other 30 percent was owned by Emaar Properties, the developer of the world's tallest tower Burj Khalifa.


Updated : 2021-04-20 04:00 GMT+08:00