Dubai may sell stake in Bank Muscat

Dubai Holding plans to sell its stake in Bank Muscat as it offloads low-profile assets to meet its debt burden, Reuters has reported, citing bankers and analysts. One banking source told the news service that the conglomerate, which is owned by the ruler of Dubai, had expressed interest in selling the stake - most likely to a single buyer and not on the open market - but was 'not happy to sell at the prevailing prices'. "We are aware that there are some price negotiations happening regarding Dubai Holding's stake in Bank Muscat,' said Riyad Mohammed, head of brokerage at Almadina Financial and Investment Services Co in Muscat.