The chairman of one of Dubai’s best-known family-owned conglomerates is not considering investing in European banks again following a disappointing run as a stakeholder of Barclays.
Khalaf Al Habtoor, who is estimated to be worth several billion dollars, told CNBC’s “Access: Middle East” that “when you burn your finger once, you don't want to burn it again”. After buying a roughly two percent stake when the London-based lender scrambled for funds in 2008, Al Habtoor says he sold his shares in December 2009 at a minor loss.
“The principle and the idea to buy Barclays [BARC-LN 172.75 5.75 (+3.44%)]…we based it on their record, they are dividends you are receiving every year,” he explained.
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