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22 April 2024

Dubai talks with Spain's Colonial extended

By Agencies


Dubai's acquisition talks with Spanish real estate firm Colonial will continue into Thursday after failing to reach agreement the day before, a person familiar with matter said in Dubai.

"It looked like it would happen last night but it didn't happen," said the person on Thursday, who did not want to be identified. "It's going into another day."

Saad Abdul Razak and Mohammed Shaibani, respectively managing director and chief executive officer of government-owned Investment Corporation of Dubai (ICD), could not immediately be reached for comment, despite several messages.

Colonial and ICD are discussing splitting up the company, with ICD buying the rental business, a source familiar with the talks said on Wednesday.

Colonial's main investors, former chairman Luis Portillo and the Nozaleda family, would keep the land and development unit of the indebted Spanish firm, the source told Reuters. (Reuters)
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