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2nd Afghan Bank with Dubai Ties Defends Links - ASHARQ AL-AWSAT English Archive
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DUBAI, United Arab Emirates, (AP) – A top official at the company controlling Afghanistan’s second-largest private bank says the firm’s property investments in Dubai don’t pose a risk like those that sparked a bank run at another Afghan lender.

Farhad Azizi told The Associated Press on Tuesday that Dubai real estate investments by the family’s Azizi Group holding company are “not at all” linked to funds at its Azizi Bank business.

His father founded the bank and a number of other businesses, including a property development arm building luxury homes on one of Dubai’s manmade palm-shaped islands.

Leading Afghan lender Kabul Bank faced a bank run starting last week following reports of steep losses tied in part to risky Dubai property investments.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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