In the early 90s the developers of London’s Canary Wharf, built to rival The City as a financial zone went bankrupt and the tallest building in the UK was repossessed by their bankers.
What happened this week in the Dubai International Financial Centre to its tallest building the 80-storey Index and Limestone House was less dramatic but the same in practice. Emirates NBD assumed ownership of these two flagship developments, wiping $299 million off the debts of developer Union Properties.
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