Emaar Properties, already faced with Dubai's struggling property sector, has run into another obstacle as its investment in Dubai Bank, now state-owned, may soon be wiped out.
The builder of Burj Khalifa, the world's tallest tower, may write down the entire value of its Dh172.4 million investment in Dubai Bank as soon as the second quarter, the investment bank EFG-Hermes told investors in a note yesterday.
The Dubai Government has taken control of the lender and says it will inject capital "to ensure that Dubai Bank's business continues uninterrupted".
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