Dubai International Capital (DIC), the private equity arm of Dubai Holding, aims to sell off all its major stakes within five years and has no plans to make new investments as it seeks an extension on repayment of US$1.25 billion (Dh4.59bn) in loans.
"Our first priority is to defend our existing portfolio," David Smoot, the fund's chief investment officer, said on the sidelines of a private equity conference in Abu Dhabi yesterday.
"We will sell within the next five years but there's no rush."
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