Dubai International Capital (DIC), the private equity arm of Dubai Holding which restructured $2.5 billion debt in April, sold its stake in a $300 million Middle East North Africa infrastructure fund to Islamic investment firm Fajr Capital.
Fajr, which is backed by prominent investors such as Abu Dhabi Investment Council and Malaysia's state investor Khazanah Nasional Berhad, will manage the fund along with its two other partners HSBC Holdings and Waha Capital, it said in a statement on Monday.
All the three partners will have equal ownership stake in the fund post the deal, one source familiar with the matter said.
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