DUBAI, Oct 28 (Reuters) – The private equity arm of Dubai Holding, which is owned by the emirate’s ruler, is planning to sell its minority stake in a luxury retailer backed by Swatch, four banking and industry sources aware of the matter said.
* DIC in talks with Saudi-based Al Rajhi Capital – sources
* Rivoli sale seen by year-end – sources
* Dubai has been stepping up asset sales
The unit, Dubai International Capital (DIC), is in exclusive negotiations to sell its 18 percent stake in Rivoli Group to Saudi-based Al Rajhi Capital, the investment banking and private equity arm of the kingdom’s top listed lender, Al Rajhi Bank , the sources said.
The sources, who spoke on condition of anonymity, did not provide a potential value for the deal.