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Jitters Over Future Finances of Dubai Bank


Dubai, UAE : 25 May 2010

Just recently it looked safer for investors to put their toes back in Dubai’s economic waters after Dubai World reached agreement with its creditors.  But the Emirate saw new jitters over its financial future as Dubai Bank was today downgraded by ratings agency Fitch.

The new ‘D’ grade is evidence that there are increasing worries about the bank’s balance sheets and future profitability, with the real concern focusing on the financial stability of Dubai Bank’s parent company, the state owned conglomerate Dubai Holdings, which has had a struggling portfolio since the global economic crash.

It is estimated that Dubai Bank currently has at least $15 billion in bonds and loans.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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