Dubai's DIC CEO says crisis still not hit bottom

Dubai International Capital (DIC), an investment firm owned by the ruler of Dubai, said on Friday the global crisis had not hit bottom, but there were still opportunities for investing in firms with potential.

"I don't think we are in a deep depression but we are in a serious recession that will take a few years to take through," Chief Executive Sameer al-Ansari told Reuters.

DIC, which is owned by the ruler of Dubai and controls around $13 billion in assets, is one of the group of Gulf Arab funds and investment vehicles that have lost billions in the financial crisis through stakes in top Wall Street firms.