UAE to release American hunger striker on bail
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Fri July 6, 2012 8:59 am

UAE. A court in the United Arab Emirates has offered to release on bail an American businessman accused of embezzlement who has been on hunger strike in jail since May, the U.S. embassy said on Thursday.

Washington has repeatedly called for Zack Shahin's case to be resolved. He has been detained since he was arrested in 2008 while at the helm of Dubai real estate firm Deyaar. There have been hearings in his case in Dubai, but no judgment.

Last week, the United States said it had "serious concerns" over Shahin's health and urged the UAE to release him on bail. It has also asked for more transparency in the case.

"I can confirm that conditions for bail have been set at AED5 million (US$1.36 million)," a spokesman for the U.S. embassy in Abu Dhabi told Reuters.

Shahin's lawyer said he hoped to secure his release early next week.

"There was a concern whether he would be able to accumulate the money. But we are certain now that the funding can be arranged," Erik Akers told Reuters.

He said that some funds had already been transferred and the remaining amount needed to come from the United States.

"With the weekend coming, he may not be released until Sunday or Monday," he added.

Shahin is due to have two court hearings later this month when a verdict could be handed down in his case, the lawyer said.

In May, four other expatriates jailed in Dubai said they had gone on hunger strike to protest against the lengthy prison sentences handed down to them for bouncing cheques - a criminal offence in the UAE.

The men, most of them real estate developers and businessmen who worked in Dubai during its economic boom, fell into debt when the emirate's property bubble burst after the 2008 global credit crisis.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: August 30, 2014
INTERNATIONAL. "I believe that in the wake of the Gaza war and the basis on which the ceasefire was established, a new momentum for peace negotiations might have been created."
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QATAR. Price increases may suggest a potential overheating of the real estate sector. Closer analysis, however, indicates that the increase is still within the fundamentals of Qatar's fast growing economy and rapid population growth.
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KUEAIT. There is plenty of potential in the Kuwaiti market, should investor interest remain and the government carries out its proposed spending plans. The government's 2014/15 budget is expansionary, with expenditure growth of 3.2% to US$77.3 billion.
QATAR. Price increases may suggest a potential overheating of the real estate sector. Closer analysis, however, indicates that the increase is still within the fundamentals of Qatar's fast growing economy and rapid population growth.
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