Dubai Holding to acquire minority stake in Beirut’s Azadea

Dubai – Mubasher: Dubai Holding, the global investment holding company owned by the ruler of the emirate Mohammed bin Rashid Al Maktoum, has approved the acquisition of a minority stake in Zara clothing and Virgin Megastore chains in the Middle East.

The investment firm and the Beirut-based Azadea Group have reached an initial agreement on the transaction last week, which is expected to value more than $1 billion, Arabian Business reported, citing sources familiar with the matter.

This acquisition will be a remarkable shift in strategy for Dubai Holding as it has been mainly focused on assets sale and debt restructuring since Dubai’s property-led crisis.

It is worth noting that Dubai Holding is one of the emirate’s main state-run holding companies and that it owns Dubai Properties Group and Jumeirah Group.

Mubasher Contribution Time: 06-Nov-2018 05:59 (GMT)
Mubasher Last Update Time: 06-Nov-2018 05:59 (GMT)