Dubai Group plans to sell stake in Oman business

Dubai-Group-LogoDubai'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."