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Dubai backs proposed tie-up of two big mortgage lenders

Posted on 06 October 2008

From WSJ: The government here blessed the proposed merger of two big home lenders and said a government-backed fund would start investing in domestic real estate, moves that could shore up a suddenly vulnerable property market.

Amid super-high oil prices, the petroleum-rich states of the Persian Gulf have enjoyed a spending and investment binge in recent years. With little oil of its own, Dubai has positioned itself as a tourism, business and financial hub, spearheading a host of high-profile real-estate developments….. Full Article: Source


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