State-owned Dubai Real Estate Corp. (DREC) has taken over the management of Zabeel Investments, the indebted firm owned by Dubai's crown prince, the chief executive of Investment Corporation of Dubai said on Tuesday.
Sources told Reuters last week that DREC had taken over the company, which owes about 6 billion dirhams ($1.6 billion) to mostly local banks.
"Zabeel is only managed by DREC, the ownership is still the same," Mohammed al-Shaibani told Reuters on the sidelines of a real estate conference.
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