Dubai Holding to Buy Stake in Zara’s Middle East Operator - Bloomberg

Dubai Holding to Buy Stake in Zara’s Middle East Operator - Bloomberg:

Dubai Holding LLC, the investment firm owned by the emirate’s ruler, agreed to acquire a minority stake in the operator of Zara clothing and Virgin Megastore chains in the Middle East, according to people with the matter. 


The stake purchase in Beirut-based Azadea Group values the business at more than $1 billion, the people said, asking not to be identified as the matter is private. The two parties reached an initial agreement on the transaction last week, the people said.

A spokeswoman for Dubai Holding didn’t immediately respond to requests for comment, while a spokeswoman for Azadea declined to comment.