The firm invests in start-up companies in emerging markets such as China, Malaysia and the Philippines and it has offices in Hong Kong and Kuala Lumpur.

Dubai Ventures already has some investments in India. It holds a 40 per cent stake in Indian internet service provider Time Broadband, which it may increase if Dubai Group grants approval at its next board meeting in April.

Dubai Group, the financial investment arm of government-owned conglomerate Dubai Holding has stakes in institutions across the Middle East, Europe and Southeast Asia and is looking at future investments in Turkey and Kazakhstan. It expects to announce transactions in those locations by the end of 2008.