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Emirate’s mainstream real estate market prices are up 13% year on year, but still 15% below the 2014 peak
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Tamweel says no corruption probe on company
DUBAI - The country's largest mortgage provider Tamweel said on Thursday it is not being investigated by authorities over allegations that two former officials had embezzled from the company.
"This is to inform you that...the investigation is currently limited to two of the former employees of Tamweel, and that there is no investigation into the activities of the company itself," said a company statement to the Dubai bourse.
Police authorities last week said that Tamweel's former chief executive Adel Al Shirawi and Feras Kalthoum, the company's former head of investments, were being investigated over allegations of embezzlement.
Al Shirawi is now vice-chairman of the state-owned investment firm Istithmar World and also sits on Tamweel's board.
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