Zabeel sets up investment unit for expansion


Dubai's Zabeel Investments, which took part in the emirate's purchase of a stake in Airbus parent EADS last year, said on Sunday it had set up a unit to help it expand into new regional and global markets.

Zabeel Capital will manage the company's Dh3.67 billion ($999.5 million) portfolio, Zabeel Investments said in a statement.

"Dubai has become synonymous with investment, particularly from an international perspective and Zabeel Capital will play its enhance this reputation," Mohammed Al Hashimi, executive chairman of Zabeel Investments, said in the statement.

Jbran Rahal, the former chief financial officer of Zabeel Investments, will be the new firm's managing director, it said. (Reuters)