The head of Dubai Investments (DI) says the group will scale back its activities in the UAE and instead look to expand abroad.
“We will slow down our investments [in the UAE] in 2009 because we are more cautious and it is not clear which sector we would like to invest in,” Khalid Kalban, the chief executive of DI, said on the sidelines of the company’s recent annual general meeting.
DI, one of Dubai’s largest investment firms, has stakes in about 45 UAE-based companies and ventures active in industries ranging from manufacturing to retail and trade. It has recently set up a new plant to produce coated glass and expanded its capacities in the steel fabrication, district cooling and building products sectors.
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