Dubai Group is selling its stake in Shuaa Capital and will also divest its holdings in Egyptian EFG Hermes and Omani lender Bank Muscat in 2016, according to the chief executive of the government-controlled investment vehicle.

“We are in the sales process as an owner,” Dubai Group’s chief executive Fadel al-Ali, said of the company’s 48.4 per cent stake in investment bank Shuaa. He declined to comment further on the sale.

Dubai Group , a unit of Dubai Holding, the investment vehicle of the emirate’s ruler, had mandated Emirates NBD in April to arrange a sales process for its holdings in Shuaa. The stake is worth about AED315m ($86 million). Shuaa has cut about 15 per cent of its staff. The invetsment bank had about 70 employees before the  job cuts were implemented last week. 

Dubai Group’s holdings in investment bank EFG Hermes and Bank Muscat, would also be sold this year, as part of the restructuring agreement, he told reporters.

Dubai Group holds 11.8 per cent of EFG Hermes and 12.8 per cent of Bank Muscat, according to new agency Reuters.

Dubai Group completed the restructuring of its $10bn debt in January 2014, with banks extending repayment deadlines on loans, giving the group time to sell its assets to raise cash needed to repay the lenders.