Business | Banking
DIFC and ADCB deny Macquarie reports
Dubai International Financial Centre (DIFC) and Abu Dhabi Commercial Bank (ADCB) yesterday said that neither had signed an agreement with Macquarie Bank to form a potential structure for the $2 billion real estate fund, as was reported in some local media.
- Staff Report
- Published: 00:00 December 19, 2006
Dubai: Dubai International Financial Centre (DIFC) and Abu Dhabi Commercial Bank (ADCB) yesterday said that neither had signed an agreement with Macquarie Bank to form a potential structure for the $2 billion real estate fund, as was reported in some local media.
"The Dubai International Financial Centre and Abu Dhabi Commercial Bank would like to confirm that the information included in that press release is factually incorrect," DIFC said in a statement.
Gulf News yesterday carried a report that correctly said the three entities are in negotiations. However, some publications said an agreement has already been signed, to which the DIFC objected.
"We would like to highlight that there have been talks between several parties including the DIFC, ADCB and Macquarie Bank to form a potential structure, however no agreement has been reached, therefore no contracts, MoU or similar documents have been signed," the statement said.
"As a result of the erroneous release that was sent accidentally, the quotes of the DIFC Governor, Omar Bin Sulaiman and Saeed Al Hajeri, chairman of ADCB are unsubstantiated."
Meanwhile, an ADCB source last night expressed concern on the DIFC statement. "ADCB, DIFC and Macquarie Bank are all set to sign the agreement in a week's time. I don't know why the DIFC is issuing this statement, when we are all going to sign the agreement in a week or so anyway."
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