Monday 16 May 2011

Dubai stocks fall after Dubai Bank takeover - ArabianBusiness.com

UAE bourses tumbled to a five-week low after the Dubai government's announcement that it will take over Dubai Bank.

Dubai's government took control of troubled Islamic lender Dubai Bank on Monday to stave off a potential collapse that would undermine the emirate's banking sector.

Dubai's benchmark ended 1.4 percent lower at 1,563 points, its lowest closing since April 7.

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