London, Dubai: Abu Dhabi fund Mubadala Development Co. and a unit of Singapore’s Temasek Holdings Pte are among shareholders exploring the sale of UAE consumer finance company Dunia, four people with knowledge of the plan said.
The shareholders, which also include Abu Dhabi-listed Waha Capital PJSC and family-owned Arenco Group, are seeking to hire a financial adviser for the sale shortly, according to the people, who asked not to be identified as the information is private. A full sale of Dunia may fetch about $500 million (Dh1.8 billion), two of the people said, adding a formal process was yet to begin.
Dunia may attract local and international firms seeking to tap into the UAE’s economic growth. The company offers a range of financial products and services from loans, to credit cards, deposits for non-individual customers, and finance for small businesses, according to its website.
Dunia is run by former Citigroup Inc banker Rajeev Kakar, who is also regional CEO of the Central Eastern Europe, Middle East and Africa region for Fullerton Financial.
Representatives for Mubadala, Fullerton and Waha Capital declined to comment. Arenco Group wasn’t immediately available to comment.