The investment arm of government affiliated Dubai Holding will focus on the region until the world economy improves.
Investment agency to wait out recession
Dubai International Capital, the investment arm of government affiliated Dubai Holding, will focus on the region rather than abroad over the next year, according to the firm's chairman and chief executive. "I don't want to invest now [outside the region]; globally, we are heading into a deep recession? which could last for one to two years and makes me want to be conservative," said Sameer al Ansari, at a conference in Dubai today.
He added that the only deals completed by DIC this year were in emerging markets, where he believed better opportunities exist. "Perhaps in the next 12 to 18 months, more lucrative opportunities will arise in the US and Europe; but for now, the focus should be on the region," he said. When asked about Dubai's rising debt as an obstacle to encouraging investments in the region, Mr Ansari countered that the emirate's debt levels were manageable, particularly in a region with an abundance of oil.
DIC, established in 2004, has a diverse, international portfolio consisting of stakes in aircraft manufacturer EADS in the Netherlands, electronics manufacturer Sony in Japan and HSBC bank in the UK. email@example.com