Dubai Investments PJSC (DIC) has confirmed remarks by its vice chairman that it plans to exit one company annually over the coming three years.
In a statement to Dubai Financial Market (DFM), the company said the remarks were made in an interview with the Arabic language newspaper Al Bayan at the launch of its Ras Al Khaimah-based project Danah Bay.
An English translation of the article said the company is considering merging some its subsidiaries or offering them to the public through IPOs. The best exit methods are being studied by a specialist consulting firm, according to vice chairman and CEO Khalid bin Kalban.
Danah Bay, Al Marjan Island, is valued at AED 1 billion ($272 million) and will feature townhouses, villas, apartments, serviced apartments and a 200-key hotel.
(Writing by Imogen Lillywhite; editing by Seban Scaria)