Mubadala seeks to increase stake in home lender

Mubadala Development, the investment arm of the Abu Dhabi Government, is in talks with its joint shareholders of Abu Dhabi Finance to increase its ownership stake to 52 per cent, a spokeswoman said.

Under the current plans, Mubadala would take over the full 20 per cent shareholding of the Tourism Development and Investment Company (TDIC), as well as portions of the stakes held by Abu Dhabi Commercial Bank, Aldar Properties and Sorouh Real Estate, the Mubadala spokeswoman said.

Lee Tabler, the chief executive of TDIC, confirmed the discussions over the stake “were ongoing”.