Scandals cast cloud over Dubai
United Arab Emirates: Wednesday, April 30 - 2008 at 08:03
A series of legal battles and property-related scandals could harm foreign-investor confidence and tarnish Dubai's business-friendly reputation, reported the Wall Street Journal. The daily said concerns about Dubai's regulatory and legal safeguards have arisen due to the resignation and detention of Deyaar's CEO for alleged embezzlement. It also noted controversy surrounding Damac Properties' attempt to cancel a project on Palm Jebel Ali, and a $1bn dispute between US private-equity firm Capital Partners and Tecom Investments, a subsidiary of Dubai Holding.
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Jeff Florian, Senior ReporterWednesday, April 30 - 2008 at 08:03 UAE local time (GMT+4)
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