Dubai pools assets in new fund to invest abroad | Reuters
Dubai will transfer shares in some of its biggest companies to a new investment fund, aiming to bolster the emirate's financial stability by investing at home and internationally.
Dubai has become one of the world's fastest-growing cities, with a property market that has boomed since the global financial crisis, helped by Russian demand and a swift economic rebound from the pandemic, aided by eased residency rules.
The fund will hold shares in Dubai Electricity and Water Authority, toll-road operator Salik and Dubai Taxi and other state-owned firms, the Dubai Media Office said on Monday.
The fund will have responsibility for investing government funds, surpluses and general reserves, the Office said in a statement, adding that it would focus on investments in stocks and bonds and explore prospects both domestic and foreign.
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