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16 April 2024

Istithmar not in talks to sell Barneys

Sultan Ahmed Bin Sulayem, Chairman of DP World (XAVIER WILSON)

By Reuters
Dubai government investment agency Istithmar World is not in talks to sell US luxury retailer Barneys New York Inc, Sultan Ahmed bin Sulayem, chairman of Dubai World, of which the agency is a unit, said.

"We have not announced nor [sought] anybody regarding Barneys," bin Sulayem told reporters at the opening of port container operator DP World's new terminal in Djibouti.

Last month, Bloomberg reported Istithmar World may sell Barneys, less than two years after buying it. Bloomberg said that the state-owned fund had had calls from potential buyers and would sell its entire stake.

Istithmar World is a unit of state-owned Dubai World and one of the investment agencies established by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to invest abroad.