Dubai ruler investment vehicle weighs sale of 25% stake in fashion retailer Azadea | Reuters
Dubai Holding, the investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, is weighing the sale of its minority stake in Azadea Group, which operates Inditex (ITX.MC) franchises in the Middle East including Zara, three people with knowledge of the matter told Reuters.
Dubai Holding has selected JPMorgan (JPM.N) and Rothschild & Co (ROTH.PA) to advise on the sale of a 25% stake it owns in Beirut-headquartered Azadea, said two of the sources, who declined to be named as the matter is not public.
Talks are at an early stages and no final decision has been made, all three sources said, adding it was too early to comment on valuation. Azadea was valued at more than $1 billion when Dubai Holding bought the 25% stake in 2018, one of the people said.
The sale may start next year and is set to attract interest from sovereign wealth funds, one of the people said, given a booming Middle East consumer sector as a predominantly young population spends its increasing wealth.
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