Dubai International Capital LLC, an investment company owned by Dubai’s ruler that had planned to merge with another of Sheikh Mohammed Bin Rashid al-Maktoum’s companies, may preserve existing assets in 2010, its Executive Chairman said.
“We have spent the last 12 months protecting our capital and preserving what we own,” Sameer al-Ansari said at a conference in Dubai today. “Most private-equity companies will also spend 2010 preserving what they have.”
Dubai Group LLC, which is reported to have slashed its workforce by more than 70 percent, and Dubai Capital said in February they would combine their back-office operations to cut costs as access to credit dried up. Dubai, whose growth slowed to 5 percent this year from 14 percent in 2008, had to be bailed out by fellow emirate Abu Dhabi in February with a $10 billion bond issue after it amassed $80 billion of debt during the city’s six-year construction boom.
No comments:
Post a Comment