Abu Dhabi bank files $107 mln lawsuit against Zabeel

DUBAI: Abu Dhabi Commercial bank has launched legal action against Zabeel Investments, which is owned by the crown prince of Dubai, to reclaim $107.13 million from the troubled firm, according to court documents seen by Reuters. The bank, Abu Dhabi’s third-largest by market capitalization, filed the action on Sept. 19 in the Dubai International Financial Centre Courts, claiming breach of contract due to Zabeel’s failure to meet repayment obligations, the document said. Zabeel, which has hospitality, property and private equity assets, owes approximately $1.6 billion to mostly local banks.

A version of this article appeared in the print edition of The Daily Star on September 28, 2012, on page 5.




Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (

comments powered by Disqus



Interested in knowing more about this story?

Click here