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22 April 2024

Dubai International Capital to buy Japanese shares

By Agencies


The chief operating officer of Dubai International Capital says it’s time to buy sluggish Japanese stocks, a news report said on Wednesday.


“It is a good investment opportunity,” Anand Krishnan was quoted as saying by Japanese business daily, the Nikkei.


The investment company, owned by the ruler of the booming emirate, has been keen on overseas investment opportunities.


The fund announced last November that it has acquired a stake in Sony Corp, without specifying ownership percentage. Krishnan said that the fund is seeking out Japanese shares besides Sony, the Nikkei said.


Krishnan said he is interested in companies with significant shares in emerging markets. He declined to name specific stocks, but said that he is looking at companies in sectors such as automobiles and entertainment, according to the report.


Krishnan said the fund “is thinking of investing $5 billion (Dh18.25 billion) in India, China and Japan combined over the next three years,” without giving specific amount for each country, the report said.


Flush with cash from oil sales, Middle Eastern sovereign wealth funds have been adding to their overseas investments recently, most notably buying stakes in US banks that have been battered by losses from the credit crisis. (AP)