Dubai Properties chairman arrested
Hashim Al Dabal held on suspicion of embezzlement
The chairman of state-owned developer Dubai Properties has been arrested on suspicion of embezzlement, reported Bloomberg.
Dubai attorney general Essam Essa al Humaidan said Hashim Al Dabal was arrested ten days ago and is now being interrogated at a detention centre.
“We are questioning him almost daily and Mr. Al Dabal indicated he is ready to answer questions without having a lawyer present,” said Al Humaidan. “We’re still trying to determine the extent of Al Dabal’s misconduct. When the investigation is complete, all details will be announced.”
Dubai Properties is currently in talks with Eamaar over a proposed merger, along with state-controlled Sama Dubai LLC and Tatweer LLC. Authorities in Dubai have arrested officials at property companies since beginning an investigation into corruption last year. They include Deyaar Development PJSC’s former CEO, Zack Shahin, and Adel al-Shirawi, former chief of mortgage lender Tamweel PJSC.
The proposed merger with Emaar is aimed at controlling the supply of new buildings amid a glut of homes that drove property prices in Dubai 50 percent lower. The combined entity will have 13.4 billion dirhams of debt and 194 billion dirhams of assets, Emaar said on Oct. 22.
Dubai Properties built Jumeirah Beach Residence, a 1.7- kilometer (1.05-mile) waterfront development that includes 36 residential towers, four hotels and retail space.