Middle East Economic Survey

VOL. LIV

No 21

23-May-2011

UAE

Government Takes Control Of Troubled Dubai Bank

Following several months of speculation on its future, Dubai Bank a troubled Islamic bank owned by both Dubai Holding and Emaar Properties was taken over by the Dubai Government on 16 May, in a move the government said was aimed at protecting depositors interests. Dubai, which is yet to emerge from its damaging debt crisis, revealed that it would inject an undisclosed amount of...