Dubai Group is in the process of selling its stake in Shuaa Capital and is also obliged to divest its holdings in EFG Hermes and Bank Muscat this year, the chief executive of Dubai Group’s parent firm said on Tuesday.
Asked about Dubai Group’s 48.4 per cent stake in Dubai investment bank Shuaa, Fadel Al Ali, chief executive of Dubai Holding, told reporters: “We are in the sales process as an owner.” He declined to comment further about Shuaa.
Dubai Group completed a drawn-out restructuring of its $10 billion debt pile in January 2014, with banks extending repayment deadlines on loans so that the group could be given time to sell its assets to raise cash needed to fund the payments.
Asked about its stakes in Egyptian investment bank EFG Hermes and Bank Muscat, Oman’s largest lender, Ali said these assets would be sold in 2016, as agreed as part of the restructuring. He declined to comment further.
Dubai Group holds 11.8 per cent of EFG Hermes and 12.8 per cent of Bank Muscat, according to Thomson Reuters data.
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Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
The details
Colette
Director: Wash Westmoreland
Starring: Keira Knightley, Dominic West
Our take: 3/5
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
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Always check the weather forecast before setting off
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COMPANY%20PROFILE%20
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
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Forced%20Deportations
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Wayne Rooney 53
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Frank Lampard 29
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Investment stage: Series A
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Current number of staff: 47