Oman wealth fund in talks for Dubai ONIC stake

  • Share via facebook
  • Tweet this
  • Bookmark and Share

An Omani sovereign wealth fund is in advanced talks to buy a near 42 percent stake in Oman National Investment Corp Holding (ONIC) from a unit of Dubai's ruler's personal investment firm, two sources aware of the matter said.

Oman Investment Fund, which has a regional and global investment portfolio, is in discussions to buy the stake, currently worth about US$59m, the sources said, speaking on condition of anonymity as the matter has not been made public.

"The talks are at an advanced stage and the involvement of a local fund makes it easier for Dubai Group to see the deal through," one of the sources said, declining to be identified.

Dubai Group and OIF both declined to comment. No details on the valuation for the stake was available.

Dubai Group - part of Sheikh Mohammed bin Rashid al-Maktoum's Dubai Holding conglomerate and which is restructuring US$10bn of debt - put the stake up for sale as part of a wider asset divestment plan aimed at raising money for debt repayment, sources told Reuters in December.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Capital plans: how Qatar's banks are shaping up

Capital plans: how Qatar's banks are shaping up

Ahli Bank chief executive Salah Murad says that despite competition...

The spectacular rise and fall of Arabtec

The spectacular rise and fall of Arabtec

The ups and downs of Dubai most heavily traded stock teaches...

1
MidEast investors eye $180bn overseas spending

MidEast investors eye $180bn overseas spending

Arab institutional investors have been buying up swathes of ...

Most Discussed