Dubai Group selling Shuaa Capital stake, other assets

Dubai Group, the investment vehicle of the emirate’s ruler, is selling its stake in Shuaa Capital, Egypt’s EFG Hermes and Oman’s Bank Muscat, Reuters reported, citing the parent firm’s CEO, Fadel Al Ali.

“We are in the sales process as an owner,” Al Ali said when asked about Dubai Group’s 48.4 percent stake in Shuaa.

EFG Hermes and Bank Muscat assets will be sold later this year as part of a restructuring plan, Al Ali added.

Last week, the DFM-listed investment bank slashed 15 percent of its staff in preparation for the sale.

Dubai Group is unloading assets in multiple companies in order to raise cash needed to make payments on a $10 billion debt.

Shuaa’s stock price jumped four percent by the end of trade on Tuesday to finish at AED 0.65.