Dubai International Capital, a heavily-indebted investment arm of the emirate's ruler, has dismissed speculation about a fire sale of assets by promising to keep its five majority-owned companies in Europe for at least two more years.
In a letter to the senior managers of its portfolio companies, DIC said it had already spent $300m on supporting its troubled investments, such as the UK hotel chain Travelodge and German industrial groups Almatis and Mauser.
The sovereign wealth fund added that it was ready to inject more money into the five companies left in its European buy-out portfolio, including the UK engineering group Doncasters and medical diagnostics company Alliance Medical.