Dubai Group, an investment vehicle restructuring US$10bn of debt, is in talks to sell its stake in Oman National Investment Corp Holding (ONIC), three sources aware of the matter said on Wednesday.
Dubai Group, part of Dubai Holding, the personal investment firm of the emirate's ruler Sheikh Mohammed bin Rashid al-Maktoum, was hit hard by the global financial crisis and is considering asset sales to cut debt.
Based on the Omani company's current market value, Dubai Group's near-42 percent stake would raise about US$54m. The sources were not aware of the name of the potential buyer.
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