Dubai property news
Two items, both from today's Financial Times:
Dubai business leader in cash probe. A government financial audit department report identifies Mohammed Khalfan bin Kharbash, former chairman of Dubai Islamic Bank and its real-estate affiliate Deyaar, in connection with allegations of financial wrongdoing at Deyaar.
Zack Shahin, Deyaar’s former chief executive, and John D’Cunha, former operations director, are among a handful of ex-employees who could face trial as early as this month as the public prosecution finalises its case.
The official report sheds light on the year-long corruption investigation that has led to the detention of dozens of executives in state-backed companies linked to the Gulf business hub’s booming property sector.
The continuing inquiry, the most sweeping anti-corruption exercise in the emirate’s history, highlights the ruler’s determination to clean up the excesses of the seven-year property boom. ...
Major Dubai developer cuts 200 jobs. One of the largest private real estate developers in the Gulf on Tuesday said it would cut 200 jobs due to the worsening global outlook, news which is likely to deepen concerns over the region’s property market, especially in Dubai.
Dubai-based Damac Group, which owns Damac Properties, said in a statement that it would cut 2.5 per cent of its work force, the first time a Gulf developer admitted to laying off staff due to market conditions.
“This continuing global slowdown will inevitably lead all companies to review their staffing levels and recruitment requirements,” Peter Riddoch, Damac’s chief executive, said in a statement.
There are mounting signs that Dubai’s real estate market is heading for a correction. ...