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DIC Denies Plan to Shed European Assets

Dubai, UAE : 25 June 2010

Dubai International Capital, the investment arm of Dubai Holding, which has struggled with its post recession debts of $2.6 billion, has denied claims that it will begin offloading its European assets in an attempt to stave off creditors.

Senior managers of the fund have received a letter which promises to keep hold of investments until 2012, when the group could, according to the letter ‘expect exits’ once value of the assets has been ‘optimised.’  

Sale of assets from DIC’s Middle East Portfolio which could, according to the letter, provide ‘attractive exits’ and ‘additional liquidity’ have not been yet been ruled out. 

DIC’s European investments include the UK’s Travelodge Hotel chain and Almatis, the German aluminium firm.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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