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Fri 14 Nov 2008 06:53 AM

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'The most difficult investment time ever' - DIC chief

EXCLUSIVE: Dubai International Capital boss says it is 'not a time to be brave'.

The CEO of Dubai International Capital (DIC), Sameer Al Ansari, has labelled the current economic climate the “most difficult investment environment ever”.“The world is facing a very serious financial crisis which will pull us into a deep recession,’ he told Arabian Business. “It will take several years rather than several quarters to turn things around.”

Al Ansari said that he expected India, China and Brazil to “do better” than the US and Europe over the next “12 to 18 months”, and that DIC was prepared to wait for “better value” in North America and Europe.

“This is not the time to be brave - one has to be very conservative and to preserve capital,” he added. “It is not about ‘return on equity’ it is about ‘return of equity’.”

DIC has assets under management of more than $13 billion, and is a subsidiary of Dubai Holding, a company that belongs to the government of Dubai and is more than 99 percent owned by ruler Sheikh Mohammed bin Rashid Al Maktoum.

DIC owns shares in HSBC Holdings Plc, Sony Corp, ICICI Bank Ltd, and the European Aeronautic, Defence & Space Co.

The company were linked with a move to buy Liverpool Football Club last year but the deal fell through.

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mike 11 years ago

Put your cash to work locally then in long-term investments, and prevent the flood of people who are gonna leave when they can't afford to live in Dubai. Oh, you're fully leveraged so need the cash for interest payments. But you didn't say that's why you need to keep your cash, is it?