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Sun 17 Aug 2008 09:13 AM

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Real estate arrests to hit UAE markets

News that senior figures at Nakheel and Tamweel are being investigated likely to weigh on stocks.

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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John Doe 12 years ago

A big lesson for all those greedy people!