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Dubai takes 30pc stake in Galadari
Posted: Friday, October 13, 2006

Dubai


The Government of Dubai has taken a 30 per cent stake in Galadari Brothers Company, a family-owned group in Dubai that publishes the Khaleej Times, according to Dow Jones Newswires.

A court appointed by Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, first restructured the group and then replaced the board with a three-member temporary board, it said.

One of the members of the temporary board is Mohammad Abdul Rahim Galadari, its the group chairman.

Dow Jones quoted sources as saying the government's 30 per cent stake replaces Galadari's debt to the government and other companies.



http://www.tradearabia.com/tanews/newsdetails_snMEDIA_article112820_cnt.html