Sunday, Apr 21, 2013
(This article was first published on Thursday.)
DUBAI (Zawya Dow Jones)--Dubai International Capital has hired a handful of Deloitte employees to help prepare some of the firm's investments for possible sale, according to two people familiar with the matter.
DIC, the private equity arm of the personal investment vehicle of the emirate's ruler, is recruiting Richard Clarke, Deloitte's head of transaction services in the Middle East and North Africa, and four other professionals from the audit and consultancy company.
"It's about getting these investments in shape ahead of a potential sale," said one of the people familiar with the matter.
Deloitte advised DIC in its $2.5 billion debt restructuring that was finalized last year.
The Deloitte team will be responsible for "portfolio monitoring" at DIC, the two people said.
DIC's Chief Executive David Smoot said earlier this year that the company intends to "groom and grow" its largest holdings before considering selling them.
DIC was established in 2004 and acquired various stakes across the globe in industries ranging from aviation to financial services. But after the onset of the global financial crisis and Dubai's downturn, many of the state investment vehicles, including DIC, were forced to restructure and consider asset sales to raise funds.
DIC owns stakes in the German industrial packaging firm Mauser, luxury group Rivoli and the U.K. manufacturer Doncasters Group. It is part of Dubai Holding, the investment vehicle owned by Sheikh Mohammed Bin Rashid Al Maktoum, the ruler of Dubai. Dubai Holding's assets include Dubai Properties Group and hotels giant Jumeirah Group.
Write to Nicolas Parasie at nicolas.parasie@dowjones.com
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(END) Dow Jones Newswires
21-04-13 0349GMT
