Dubai Holding Received 30% Stake In Dubai Festival City

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Dubai Holding Commercial Operations Group LLC, part of the business empire of Dubai's ruler, received a 30% stake in Dubai Festival City, a property project developed by Al Futtaim Group, company filings show.

"The grant was recorded as an investment in associate and the relating grant valued at AED5,546,602,000 was immediately released to the consolidated income statement," Dubai Holding Commercial Operations Group said in its 2008 financial report.

"The purchase price allocation is not yet finalized due to the scale and complexity in terms of structure of the transaction." The fair market value of Dubai Festival City and two other companies "declined significantly since acquisition," resulting in impairment losses, the company said in the report.