Dubai Investments Company is planning to sell a 30 per cent stake in its private equity arm Masharie through an initial public offering (IPO) in the first half of 2011.

The IPO is expected by the middle of next year, the company said in a statement issued to the DFM on 4 October.

Masharie is 60 per cent owned by Dubai Investments and 8 per cent owned by National Bonds Corporation.   

Dubai Investments reported a 19.8 percent drop in third quarter net profit to AED213.6m ($58.17m) on 1 November due to a fall in rental income and contract revenue.