Saudi’s anti-corruption drive is hurting Dubai

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In a surprise move on Saturday, at least 49 Saudi princes, businessmen and officials were rounded up and accused of corruption. Some of the biggest names in Dubai real estate saw their shares slump this week as regional markets were hit by fallout from the Saudi anti-corruption purge.

“The market is driven by the recent geopolitical tension in the region and that’s causing investors to panic,” said Tariq Qaqish, managing director of asset management at Menacorp in Dubai.

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Emaar, the developer behind the Burj Khalifa — the world’s tallest tower — saw its shares fall 6% this week. And Damac, which built a Trump branded golf course in Dubai, plunged 8%. The potential for the UAE to be drawn even deeper into the Saudi turmoil was underscored by reports that it had asked banks for information on the accounts of 19 Saudi royals and officials.

Source Credit: CNN
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