Dubai International Capital (DIC), the private equity arm of Dubai Holding, has exited its investment in Ishraq Dubai, which owns many hotels in the UAE, by selling it off to the Dubai-based Almulla Group, a diversified private business group.
In a joint media statement on Sunday, the companies said Ishraq Dubai was 51 per cent owned by DIC and 49 per cent by Ishraq Gulf Real Estate Holding, which in turn is majority owned by DIC. The sale is another in a series of successful exits made by DIC this year.
“The successful sale of Ishraq Dubai follows a strong series of exits that have consolidated our private equity track record in the Mena region,” said David Smoot, CEO of DIC. “The sale of Ishraq Dubai is an important achievement as this represents a strong return from our only ‘greenfield’ investment, a venture which we launched back in March 2005,” he added, without divulging the financial terms of the deal.
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