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.
A statement from the Dubai Media office said the takeover was to ‘ensure that Dubai Bank’s business continues uninterrupted while options for the bank’s future, whether to be run on a stand-alone basis or be potentially merged with another bank in which the government has ownership are being assessed’, adding that the government had decided to ‘act swiftly’ to protect the interest of depositors.
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