Bank brought under Dubai Government patronage.
The Government of Dubai has decided to take over the responsibilities of the Dubai Bank on an urgent basis. This action has been taken to preserve the depositors’ accounts and assets.
A capital booster shot has been injected into the bank’s circulation. This was a necessary and timely act to save investment prospects in the bank. The former owners of the bank (Dubai Holding and Emaar) will automatically lose their hold on a major portion of the shares in the bank.
The management staff will be unaffected by this takeover.