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FINANCIAL NEWS
UAE’s Almulla Group acquires DIC’s Ishraq Dubai
03 Oct 2011
(MENAFN) Dubai International Capital (DIC) said that in order to reduce its USD2.6 billion debt, the private equity arm of Dubai Holding sold Ishraq Dubai, the hotel operator, to the diversified company, Almulla Group, reported Arabian Business.
DIC added that it also sold its 45 percent stake in KEF Holdings Inc., the valve maker, for USD178 million in March, whereas its Jordan Dubai Capital sold its stake in Jordan’s Central Electricity Generating Company in June.
It also said that the company’s assets included UK hotel chain Travelodge, Doncasters and Almatis Holdings BV, the European aluminum maker.
It is worth noting that Ishraq Dubai owns 4 hotels in Dubai operating under the Holiday Inn Express franchise, and Almulla, which has interests in healthcare, real estate and banking.
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