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29 November 2023

DIC plans big investments in India

By Agencies


Dubai International Capital (DIC), an investment firm owned by the ruler of Dubai, said it plans to make "big" acquisitions in India, adding to the $1 billion already invested in the second-most populous nation.

"We have big deals in the pipeline," DIC Chief Executive Officer Sameer Al Ansari told reporters in Dubai on Monday. "We are very actively looking at more things in India" to tap the country's growing economy and population, Ansari said.

Areas of interest include petrochemicals, oil and gas, tourism and travel, Ansari said, declining to be more specific.

DIC, which manages about $13 billion of assets, last year bought 2.87 per cent of India's ICICI Bank at the time India's second-largest lender. At 0850 GMT on Monday, that stake was worth about $874 million, according to Reuters data.

DIC, which is owned by
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai, aims to increase the value of assets it manages in India, China and Japan to $5 billion within two to three years, and in the Middle East and North Africa to a similar amount from $1.5 billion, Ansari said.

"In the region, every sector has huge opportunities because of the demographics, young population and growth," Ansari said of Arab countries. (Reuters)