Dubai fund eyes bank stakes in Middle East.DUBAI Dubai (d  bī`), sheikhdom (1995 pop. 674,101), c.1,500 sq mi (3,890 sq km), part of the federation of seven United Arab Emirates, SE Arabia, on the Persian Gulf. : Dubai Capital Group (DCG DCG - Definite Clause Grammar ) has amassed stakes in a number of
Middle Eastern financial firms and aims to purchase more but does not
wish to increase its stake in Egypt's Commercial International
Bank, the chief executive of Dubai Group said yesterday.
DCG surprised markets on Sunday Sunday: see Sabbath; week. by announcing that it had taken a 5.24 per cent stake in Commercial International Bank valued at around $158 million. "It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have the latest in what has been a ... whole series of investments in the financial sector in the region," said Dubai Group chief executive Tom Volpe said. Dubai Group controls Dubai Capital Group. "We are very actively engaged in looking at a number of institutions in the region and outside the region," he said, adding that the insurance sector was key. Volpe said the group could buy stakes in up to five financial firms. Volpe said DCG did not aim to increase its stake in Commercial International Bank, nor would it seek a seat on the board of directors. Dubai Group is part of government-owned Dubai Holding Dubai Holding (Arabic:دبي القابضة) is a holding company that belongs to Government of Dubai (Sheikh Mohammed bin Rashid Al Maktoum as the Ruler of Dubai holds 99.67% of the company[1]). . Copyright E 2008 Gulf Daily News Provided by Syndigate.info an Albawaba.com company |
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