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Wed 7 Nov 2007 10:58 AM

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Dubai borrows $1.26bn to pay for hedge fund

Och-Ziff agreed to sell a 9.9% stake to Dubai International Capital in October.

Dubai Holding, owned by the emirate's ruler, on Tuesday said it had taken a $1.26 billion loan from investment bank Morgan Stanley to pay for the acquisition of a stake in a US hedge fund.

Och-Ziff Capital Management in October said it had agreed to sell a 9.9% stake to Dubai Holding subsidiary Dubai International Capital (DIC) for up to the loan amount.

The loan is a short-term bridge loan, Dubai Holding said in a statement, without giving further details.

DIC is the international investment arm of Dubai Holding, and focuses primarily on private equity. Its portfolio includes a stake in European plane-maker Airbus' parent EADS.

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