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.