Real estate arrests to hit UAE markets

MARKETS HIT: The arrests of senior real estate executives in Dubai is likely to impact UAE stock markets. (Getty Images)

Hopes of UAE markets rebounding are likely to be dashed this week by concerns over financial irregularities at mortgage lender Tamweel and developer Nakheel.

“Isolated bad news has a way of snowballing into a negative sentiment and we expect property stocks to take a further hit on the Dubai exchange this week,” a trader on the Abu Dhabi Securities Exchange (ADX) told UAE daily Emirates Business 24/7.

Property giants Emaar and Aldar Properties will be key to the Dubai and Abu Dhabi markets’ fortunes, the newspaper noted.

Last week it emerged a senior executive at state-owned developer Nakheel and Tamweel's former CEO and head of investments are being investigated for alleged wrongdoing.

The probes follow similar investigations into Deyaar Development and Dubai Islamic Bank earlier this year.

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Too bad!
Posted by John Doe on Sunday 17 August 2008 at 13:36 UAE time

A big lesson for all those greedy people!

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