The Dubai Government yesterday took over Dubai Bank, an Islamic bank owned by Dubai Holding and Emaar Properties, ending several months of speculation on the future and financial strength of the bank.
"The Government of Dubai emphasised that it has decided to act swiftly to ensure the preservation of all of Dubai Bank's depositors' interests," said a statement issued through the Dubai Government Media Office.
"The Government of Dubai will immediately make adequate capital injection into Dubai Bank, thereby taking over the bank. The injection will effectively dilute the complete holding of Dubai Bank's current shareholders, and consequently allow the 100 per cent takeover of the bank by the Government of Dubai," the statement said.
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