Business | General

Dubai World rejects $5.3b Russian deal

The Dubai government's sovereign wealth fund, Dubai World, has pulled out of a $5.3 billion deal to take control of Russian power firm OGK-1 due to poor market conditions, a source close to the deal said on Monday.

  • Reuters
  • Published: 23:53 September 22, 2008
  • Gulf News

Moscow: The Dubai government's sovereign wealth fund, Dubai World, has pulled out of a $5.3 billion deal to take control of Russian power firm OGK-1 due to poor market conditions, a source close to the deal said on Monday.

"The investor [Dubai World] is not ready to put in money under the market conditions we're seeing now," the source said.

A spokeswoman for Dubai World, which guaranteed $100 million in July towards the acquisition of the electricity generator, said it could not immediately comment.

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