Nasser Al Nowais, chairman of Abu Dhabi-based Rotana Hotel Management has agreed to buy a 22% stake in the company from a private equity fund of Dubai's Shuaa Capital, Reuters has reported. The sale is part of a regular turnover among investment funds, according to Selim El Zyr, president and chief executive of Rotana Hotels. The transaction will be completed following approval from the Abu Dhabi Department of Economic Development. With the purchase, Al Nowais now owns more than 60% of the hotel chain.