DIC shuns US investments, eyes India and China instead

Dubai International Capital (DIC), an investment agency owned by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai, said it is holding off making additional investments in the United States because asset prices are likely to fall further.

"The US market is not yet attractive," Chief Executive Sameer al-Ansari told Reuters in Jeddah, Saudi Arabia, on the sidelines of an investment conference.

"We will see more of a correction in the first half and then we will see some opportunities... for the moment, more problems are yet to be disclosed," he said.

"We are actively looking at Asia, namely India and China, especially in the manufacturing sector," Ansari said, declining to be more specific. (Reuters)