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Dubai Group moots Onic stake sale

21 January 2010

Dubai Group is in talks with Oman National Investment Corp (Onic) over a possible sale of the group's 41% stake, Reuters has reported, citing three sources familiar with the matter. In October, the group said it would reassess its investment strategy. Two months later it sold a 7% stake in Egyptian investment bank EFG Hermes for $120m. "We expected some rethinking on the strategy and on which assets to divest, and this is proving to be consistent with that," said Ali Khan, managing director and head of brokerage at Arqaam Capital. "We will likely continue to hear about other assets being divested that don't fit the group's strategy."

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