Dubai Group plans to sell stake in Oman business
Dubai's ruler owned investment firm- Dubai Group is reportedly working out plans for selling stakes in Oman National Investment Corp Holding (ONIC). Persons close to the development claimed that Dubai Group proposes to sell 41 per cent stake in the Omani business for meeting its financial obligations.
Dubai has been in limelight since its flagship conglomerate, Dubai World announced to delay debt payments worth $26 billion for next six months in November, plunging stock markets across the globe besides putting its own credibility on stake.
Dubai Group, earlier in October, announced to overhaul its investment strategy, selling its holdings in other financial institutions. It also proposed to sell stake in Malaysia's Bank Islam under its strategy to reassess its financial policies. Dubai Group raised $120 million in December 2009, selling 7 percent-stake in Egyptian investment bank EFG Hermes.
Ali Khan, Managing Director and Head of brokerage at Arqaam Capital, said, "We expected some rethinking on the strategy and on which assets to divest and this is proving to be consistent with that."
New Zealand News
- Porsche reportedly developing electric version of 718 sports car
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- Plug-in cars’ share grows to 32% in Netherlands in September 2021
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids