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Wed 18 Jun 2008 10:08 AM

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DIC avoids 'risky' US deals

UAE private equity house avoids transactions at risk of political opposition in the US.

Dubai International Capital (DIC), a UAE based private equity house that manages $12 billion, has avoided two transactions in June that ran the risk of political opposition in the US, newswire Bloomberg reported on Wednesday.

DIC has appointed legal advisors in Washington to decide whether proposed deals have the potential to provoke national security concerns or meet opposition with US policymakers, the newswire reported, citing managing director Andrew Wright.

Concerns over the investment strategies of sovereign wealth funds (SWFs) have grown in the US and uncomfortable policymakers are demanding transparency and the disclosure of chosen investments, triggering plans for an SWF code of conduct supervised by the IMF by the end of this year, Bloomberg said.