Dubai International Capital (DIC), a $13 billion investment agency owned by the ruler of Dubai, said on Wednesday it is shifting its focus away from Europe and North America towards emerging markets.
“It is not the time to invest in the US,” DIC Chief Executive Officer Sameer al-Ansari said at a conference in Dubai. “Our focus is slightly shifting to this region. The time will come for us to come again in Europe and north America.”
Ansari said he hoped emerging markets would make up 30% of DIC’s investment portfolio.
“We believe we can invest in China and can do good deals,” he said. He added that the countries of central Asia, such as Kazakhstan, were also interesting investment areas although DIC had to study them further.
“We are just doing our homework,” he said.
Ansari said DIC aimed at an internal rate of return of between 15% and 20% for its investments.
Any US opposition to sovereign wealth funds was unlikely to discourage investment in the world’s largest economy, he said. “It’s not as bad as they make out. Deals are still getting done.”
But he said that given the choice between doing a deal in Britain or the US, he would prefer the former, as in the US “there is a cost people-wise and money-wise and there is no certainty of transaction”. (Reuters)
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