Dubai: Investment Corp of Dubai (ICD), which hold stakes in many of the emirate’s top companies, expects to complete a deal to increase its stake in Dubai Aerospace Enterprise (DAE) by the end of the year, a top official told Reuters.
ICD is already the majority shareholder of DAE, holding 55 per cent, and it was hoping to acquire the stake currently held by Istithmar World, Khalifa Al Daboos, deputy CEO of ICD and managing director of DAE, told Reuters.
“We have made an offer to them. I think most likely the deal will be completed by end of this year,” he said, speaking on the sidelines of an aviation event.
He declined to disclose the price offered to Istithmar and how much of DAE the unit of Dubai World owned.
However, a source aware of the matter, speaking on condition of anonymity as the information is private, said Istithmar held around 15 per cent.
Other DAE shareholders are Emaar Properties, Dubai Silicon Oasis Authority and Dubai International Capital.